Investment Management Corp of Ontario Has $5.33 Million Stake in American Tower Co. (NYSE:AMT)

Investment Management Corp of Ontario increased its stake in shares of American Tower Co. (NYSE:AMT) by 120.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,917 shares of the real estate investment trust’s stock after purchasing an additional 12,543 shares during the quarter. Investment Management Corp of Ontario’s holdings in American Tower were worth $5,330,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AMT. FMR LLC grew its holdings in shares of American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after acquiring an additional 2,152,646 shares in the last quarter. Ameriprise Financial Inc. grew its stake in American Tower by 41.8% in the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after purchasing an additional 1,885,421 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in American Tower by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock worth $1,211,397,000 after purchasing an additional 243,061 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of American Tower by 5.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,111,335 shares of the real estate investment trust’s stock worth $956,132,000 after purchasing an additional 224,261 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in shares of American Tower by 8.9% during the 2nd quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock valued at $720,206,000 after buying an additional 302,676 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. BMO Capital Markets cut their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Scotiabank decreased their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $235.54.

American Tower Trading Up 0.2 %

Shares of AMT stock opened at $207.79 on Wednesday. The firm has a market capitalization of $97.10 billion, a P/E ratio of 87.68, a price-to-earnings-growth ratio of 1.38 and a beta of 0.83. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The firm’s fifty day simple moving average is $214.80 and its 200 day simple moving average is $212.79. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

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 the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company 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 firm posted $2.58 EPS. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, sell-side analysts predict that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.12%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is presently 273.42%.

American Tower 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.