Patten & Patten Inc. TN Sells 1,612 Shares of American Tower Co. (NYSE:AMT)

Patten & Patten Inc. TN lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 20.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 6,290 shares of the real estate investment trust’s stock after selling 1,612 shares during the period. Patten & Patten Inc. TN’s holdings in American Tower were worth $1,463,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Fortitude Family Office LLC lifted its stake in shares of 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 valued at $25,000 after buying an additional 78 shares during the period. Fairscale Capital LLC bought a new stake in shares of American Tower in the 2nd quarter worth about $27,000. Northwest Investment Counselors LLC bought a new stake in American Tower during the third quarter worth about $30,000. Cultivar Capital Inc. acquired a new stake in American Tower during the 2nd quarter valued at $25,000. Finally, Hara Capital LLC bought a new position in shares of American Tower in the third quarter valued at about $31,000. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Down 2.8 %

Shares of NYSE:AMT opened at $196.08 on Tuesday. The company has a 50 day moving average price of $226.12 and a two-hundred day moving average price of $210.34. The company has a market capitalization of $91.63 billion, a PE ratio of 82.73, a PEG ratio of 1.34 and a beta of 0.84. American Tower Co. has a 52 week low of $170.46 and a 52 week 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 posted its 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). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the firm posted $2.58 earnings per share. The business’s revenue was down 10.5% on a year-over-year basis. Analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.30%. American Tower’s payout ratio is 273.42%.

Analyst Ratings Changes

AMT has been the topic of several research analyst reports. Scotiabank decreased their price target 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. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Barclays boosted their target price on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. BMO Capital Markets decreased their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company 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.