MTM Investment Management LLC Has $1.24 Million Stock Position in American Tower Co. (NYSE:AMT)

MTM Investment Management LLC cut its stake in American Tower Co. (NYSE:AMT) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,548 shares of the real estate investment trust’s stock after selling 150 shares during the quarter. MTM Investment Management LLC’s holdings in American Tower were worth $1,241,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of AMT. Cultivar Capital Inc. acquired a new position in shares of American Tower during the 2nd quarter worth about $25,000. Fortitude Family Office LLC increased its stake in shares of American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC bought a new stake in shares of American Tower during the 2nd quarter valued at approximately $27,000. Hobbs Group Advisors LLC acquired a new position in American Tower during the 2nd quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the 3rd quarter valued at $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AMT has been the subject of several recent research reports. Royal Bank of Canada upped their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Barclays cut their price target on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a report on Monday. Mizuho increased 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. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. increased their price target on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. 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 company. According to MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus price target of $235.54.

American Tower Stock Up 1.2 %

AMT stock opened at $201.17 on Wednesday. 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 fifty-two week low of $170.46 and a fifty-two week high of $243.56. The stock’s 50 day simple moving average is $220.88 and its 200 day simple moving average is $211.37. The company 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.

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

American Tower Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.22%. American Tower’s payout ratio is 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.