Los Angeles Capital Management LLC Sells 39,612 Shares of American Tower Co. (NYSE:AMT)

Los Angeles Capital Management LLC lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 15.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 210,667 shares of the real estate investment trust’s stock after selling 39,612 shares during the quarter. Los Angeles Capital Management LLC’s holdings in American Tower were worth $48,993,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMT. Cultivar Capital Inc. bought a new position in shares of American Tower during the second quarter valued at approximately $25,000. Fortitude Family Office LLC raised its holdings in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 78 shares in the last quarter. Fairscale Capital LLC bought a new position in American Tower in the second quarter worth $27,000. Hobbs Group Advisors LLC bought a new position in American Tower in the second quarter worth $29,000. Finally, Northwest Investment Counselors LLC bought a new position in American Tower in the third quarter worth $30,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Scotiabank reduced their price target 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. Barclays raised their price target on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Finally, JPMorgan Chase & Co. raised their price target on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. 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 company has an average rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Trading Up 2.0 %

AMT traded up $3.93 during trading hours on Friday, reaching $201.80. 3,981,626 shares of the company’s stock traded hands, compared to its average volume of 2,433,520. The firm has a 50-day moving average price of $226.12 and a 200 day moving average price of $210.08. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a market capitalization of $94.30 billion, a PE ratio of 85.15, a PEG ratio of 1.34 and a beta of 0.84.

American Tower (NYSE:AMT) last released its quarterly 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 company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.58 earnings per share. As a group, sell-side analysts predict that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is presently 273.42%.

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.