American Tower Co. (NYSE:AMT) Stock Position Lifted by Geode Capital Management LLC

Geode Capital Management LLC grew its position in American Tower Co. (NYSE:AMT) by 1.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,213,613 shares of the real estate investment trust’s stock after acquiring an additional 204,426 shares during the quarter. Geode Capital Management LLC owned approximately 2.40% of American Tower worth $2,599,074,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Cultivar Capital Inc. bought a new stake in American Tower during the second quarter valued at $25,000. 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 valued at $25,000 after buying 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 about $27,000. Hobbs Group Advisors LLC acquired a new stake in American Tower during the second quarter worth about $29,000. Finally, Northwest Investment Counselors LLC bought a new position in American Tower in the third quarter worth about $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AMT has been the topic of a number of research reports. BMO Capital Markets dropped their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Scotiabank cut their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, October 30th. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Mizuho lifted their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower Stock Up 0.9 %

Shares of AMT stock opened at $209.02 on Tuesday. 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 quick ratio of 0.69 and a current ratio of 0.69. The business’s fifty day moving average is $212.85 and its 200-day moving average is $213.27. The stock has a market cap of $97.67 billion, a PE ratio of 88.19, a price-to-earnings-growth ratio of 1.38 and a beta of 0.83.

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 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 firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period in the previous year, the firm earned $2.58 earnings per share. American Tower’s revenue was down 10.5% on a year-over-year basis. Equities analysts expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio is presently 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.