Pathstone Holdings LLC Trims Stake in American Tower Co. (NYSE:AMT)

Pathstone Holdings LLC decreased its stake in shares of American Tower Co. (NYSE:AMT) by 1.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 64,582 shares of the real estate investment trust’s stock after selling 746 shares during the period. Pathstone Holdings LLC’s holdings in American Tower were worth $15,019,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in AMT. Cultivar Capital Inc. purchased a new position in American Tower in the 2nd quarter valued at about $25,000. Fortitude Family Office LLC grew its holdings in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new position in shares of American Tower in the second quarter valued at approximately $27,000. Hobbs Group Advisors LLC purchased a new position in shares of American Tower during the second quarter valued at approximately $29,000. Finally, Northwest Investment Counselors LLC acquired a new stake in American Tower during the third quarter worth approximately $30,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Price Performance

AMT stock opened at $201.17 on Wednesday. The firm has a market cap of $94.00 billion, a P/E ratio of 84.88, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The stock has a 50-day simple moving average of $220.88 and a 200-day simple moving average of $211.37.

American Tower (NYSE:AMT) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.58 EPS. On average, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given 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 payout ratio is currently 273.42%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Royal Bank of Canada raised their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Barclays dropped their price objective on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research note on Monday. JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Finally, TD Cowen upped their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $235.54.

American Tower Company Profile

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.