QRG Capital Management Inc. Has $6.26 Million Holdings in American Tower Co. (NYSE:AMT)

QRG Capital Management Inc. grew its stake in shares of American Tower Co. (NYSE:AMT) by 9.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 26,911 shares of the real estate investment trust’s stock after purchasing an additional 2,224 shares during the quarter. QRG Capital Management Inc.’s holdings in American Tower were worth $6,259,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of AMT. Ameriprise Financial Inc. lifted its position in American Tower by 41.8% during the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock worth $1,243,333,000 after acquiring an additional 1,885,421 shares during the last quarter. Pathway Financial Advisers LLC raised its position in shares of American Tower by 23,224.1% in the third quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock valued at $231,941,000 after buying an additional 993,061 shares in the last quarter. Vanguard Group Inc. raised its position in shares of American Tower by 1.6% in the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after buying an additional 965,938 shares in the last quarter. M&G Plc acquired a new stake in shares of American Tower in the first quarter valued at approximately $164,300,000. Finally, International Assets Investment Management LLC raised its position in shares of American Tower by 22,242.7% in the third quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock valued at $1,811,330,000 after buying an additional 775,379 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AMT has been the subject of a number of analyst reports. Barclays lifted their price target on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Scotiabank reduced their price objective on shares of 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. Finally, JPMorgan Chase & Co. boosted their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $235.85.

American Tower Price Performance

AMT stock opened at $213.86 on Wednesday. The firm has a market cap of $99.89 billion, a price-to-earnings ratio of 90.24, a PEG ratio of 1.48 and a beta of 0.84. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The company’s fifty day simple moving average is $227.63 and its 200 day simple moving average is $209.79.

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 firm had revenue of $2.52 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.58 EPS. On average, analysts expect that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The business 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. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.03%. American Tower’s dividend payout ratio is currently 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.