Mitchell Mcleod Pugh & Williams Inc. Acquires 340 Shares of American Tower Co. (NYSE:AMT)

Mitchell Mcleod Pugh & Williams Inc. grew its holdings in shares of American Tower Co. (NYSE:AMT) by 8.0% in the third quarter, HoldingsChannel.com reports. The fund owned 4,609 shares of the real estate investment trust’s stock after purchasing an additional 340 shares during the period. Mitchell Mcleod Pugh & Williams Inc.’s holdings in American Tower were worth $1,072,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of AMT. Balentine LLC purchased a new stake in shares of American Tower during the 3rd quarter valued at $586,000. Czech National Bank lifted its stake in American Tower by 6.9% during the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after purchasing an additional 6,163 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of American Tower by 13.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after purchasing an additional 4,660 shares in the last quarter. Tidal Investments LLC increased its position in shares of American Tower by 27.7% during the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after purchasing an additional 4,430 shares during the last quarter. Finally, Cetera Advisors LLC raised its holdings in shares of American Tower by 29.0% during the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock valued at $8,157,000 after buying an additional 9,275 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 2.0 %

AMT stock traded up $3.93 on Friday, reaching $201.80. The company’s stock had a trading volume of 3,981,626 shares, compared to its average volume of 2,433,520. The firm has a market cap of $94.30 billion, a PE ratio of 85.15, a PEG ratio of 1.34 and a beta of 0.84. The business has a fifty day simple moving average of $226.12 and a two-hundred day simple moving average of $209.83. American Tower Co. has a 12-month low of $170.46 and a 12-month 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.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the firm posted $2.58 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, research analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.21%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio is currently 273.42%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Barclays increased 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. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Royal Bank of Canada upped their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Mizuho lifted their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Finally, Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $235.85.

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.