First Horizon Advisors Inc. Has $13.99 Million Stake in American Tower Co. (NYSE:AMT)

First Horizon Advisors Inc. boosted its position in shares of American Tower Co. (NYSE:AMT) by 7.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 60,173 shares of the real estate investment trust’s stock after purchasing an additional 3,930 shares during the period. First Horizon Advisors Inc.’s holdings in American Tower were worth $13,994,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. NBT Bank N A NY boosted its holdings in shares of American Tower by 3.3% during the 2nd quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock worth $329,000 after buying an additional 54 shares in the last quarter. CX Institutional boosted its stake in American Tower by 2.9% during the third quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock worth $450,000 after acquiring an additional 54 shares in the last quarter. O Brien Greene & Co. Inc grew its holdings in American Tower by 2.3% in the second quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after purchasing an additional 55 shares during the period. Palumbo Wealth Management LLC increased its stake in American Tower by 1.6% in the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock valued at $864,000 after purchasing an additional 57 shares in the last quarter. Finally, Tyche Wealth Partners LLC raised its holdings in shares of American Tower by 4.9% during the second quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock valued at $242,000 after purchasing an additional 58 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the subject of several recent research reports. Mizuho boosted their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Royal Bank of Canada raised their price objective on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Barclays decreased their target price on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research report on Monday. Finally, BMO Capital Markets dropped their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $235.54.

American Tower Stock Performance

NYSE:AMT opened at $201.17 on Wednesday. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The business’s fifty day moving average is $220.88 and its 200 day moving average is $211.37. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market cap of $94.00 billion, a price-to-earnings ratio of 84.88, a PEG ratio of 1.31 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.58 earnings per share. Research analysts predict that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a $1.62 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.22%. American Tower’s dividend payout ratio is currently 273.42%.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.