New Covenant Trust Company N.A. Purchases New Position in American Tower Co. (NYSE:AMT)

New Covenant Trust Company N.A. purchased a new stake in shares of American Tower Co. (NYSE:AMT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 946 shares of the real estate investment trust’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AMT. Norden Group LLC purchased a new position in shares of American Tower during the 1st quarter worth approximately $463,000. Diversify Advisory Services LLC purchased a new position in shares of American Tower during the 1st quarter worth approximately $524,000. Mission Wealth Management LP grew its holdings in shares of American Tower by 4.4% during the 1st quarter. Mission Wealth Management LP now owns 1,799 shares of the real estate investment trust’s stock worth $356,000 after acquiring an additional 76 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of American Tower by 7.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 127,719 shares of the real estate investment trust’s stock worth $24,848,000 after acquiring an additional 8,658 shares during the period. Finally, Janney Montgomery Scott LLC grew its holdings in shares of American Tower by 0.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 112,602 shares of the real estate investment trust’s stock worth $22,249,000 after acquiring an additional 972 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on AMT. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada boosted their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Barclays boosted their price target on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Price Performance

NYSE AMT opened at $211.26 on Friday. The business’s fifty day moving average price is $228.14 and its 200-day moving average price is $208.94. The stock has a market capitalization of $98.68 billion, a price-to-earnings ratio of 89.14, a PEG ratio of 1.49 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.81. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion for 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%. American Tower’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.58 earnings per share. On average, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current 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 issued 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 3.07%. American Tower’s payout ratio is 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.