CIBC Asset Management Inc Raises Position in American Tower Co. (NYSE:AMT)

CIBC Asset Management Inc lifted its stake in shares of American Tower Co. (NYSE:AMT) by 4.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,610 shares of the real estate investment trust’s stock after acquiring an additional 3,720 shares during the quarter. CIBC Asset Management Inc’s holdings in American Tower were worth $20,607,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of AMT. Orion Portfolio Solutions LLC increased its stake in shares of American Tower by 24.5% during the first quarter. Orion Portfolio Solutions LLC now owns 17,199 shares of the real estate investment trust’s stock worth $3,398,000 after buying an additional 3,381 shares during the period. First Foundation Advisors grew its stake in shares of American Tower by 34.2% during the first quarter. First Foundation Advisors now owns 1,080 shares of the real estate investment trust’s stock worth $213,000 after purchasing an additional 275 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of American Tower by 17.7% during the first quarter. Intech Investment Management LLC now owns 5,520 shares of the real estate investment trust’s stock worth $1,091,000 after purchasing an additional 831 shares in the last quarter. Strait & Sound Wealth Management LLC increased its holdings in American Tower by 8.2% in the first quarter. Strait & Sound Wealth Management LLC now owns 1,324 shares of the real estate investment trust’s stock valued at $262,000 after buying an additional 100 shares during the last quarter. Finally, Edgestream Partners L.P. raised its stake in American Tower by 110.4% in the first quarter. Edgestream Partners L.P. now owns 2,321 shares of the real estate investment trust’s stock valued at $459,000 after buying an additional 1,218 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Price Performance

Shares of NYSE AMT opened at $196.45 on Friday. The stock has a fifty day moving average price of $223.30 and a 200 day moving average price of $210.44. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $91.80 billion, a PE ratio of 82.89, a P/E/G ratio of 1.30 and a beta of 0.84.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm’s revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $2.58 EPS. Sell-side analysts forecast 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. Stockholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 273.42%.

Wall Street Analysts Forecast Growth

AMT has been the subject of several recent analyst reports. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Barclays upped their price objective on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, Scotiabank reduced their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Four investment 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $235.85.

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.