QRG Capital Management Inc. Has $6.26 Million Stake in American Tower Co. (NYSE:AMT)

QRG Capital Management Inc. lifted its holdings in shares of American Tower Co. (NYSE:AMT) by 9.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,911 shares of the real estate investment trust’s stock after buying an additional 2,224 shares during the quarter. QRG Capital Management Inc.’s holdings in American Tower were worth $6,259,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Fortitude Family Office LLC grew its position in shares of American Tower by 269.0% during the 3rd 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 during the period. Fairscale Capital LLC bought a new position in American Tower during the 2nd quarter worth approximately $27,000. Northwest Investment Counselors LLC bought a new position in American Tower during the 3rd quarter worth approximately $30,000. Cultivar Capital Inc. bought a new position in American Tower during the 2nd quarter worth approximately $25,000. Finally, Hobbs Group Advisors LLC bought a new position in American Tower during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

Shares of NYSE AMT opened at $213.86 on Wednesday. The stock has a market capitalization of $99.89 billion, a price-to-earnings ratio of 90.24, a PEG ratio of 1.48 and a beta of 0.84. The business has a 50-day moving average of $227.63 and a 200-day moving average of $209.79. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56.

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

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is currently 273.42%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. JPMorgan Chase & Co. boosted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Royal Bank of Canada increased their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, TD Cowen increased their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $235.85.

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.