Mutual of America Capital Management LLC Sells 1,379 Shares of American Tower Co. (NYSE:AMT)

Mutual of America Capital Management LLC trimmed its holdings in American Tower Co. (NYSE:AMT) by 2.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,515 shares of the real estate investment trust’s stock after selling 1,379 shares during the quarter. Mutual of America Capital Management LLC’s holdings in American Tower were worth $13,376,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. raised its holdings in American Tower by 41.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after acquiring an additional 1,885,421 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of American Tower by 8.9% in the second quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock valued at $720,206,000 after purchasing an additional 302,676 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in American Tower by 16.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock worth $643,571,000 after purchasing an additional 464,429 shares during the period. Canada Pension Plan Investment Board boosted its stake in American Tower by 4.7% during the second quarter. Canada Pension Plan Investment Board now owns 1,536,255 shares of the real estate investment trust’s stock worth $298,617,000 after buying an additional 69,300 shares in the last quarter. Finally, ClearBridge Investments Ltd increased its holdings in American Tower by 6.2% in the 2nd quarter. ClearBridge Investments Ltd now owns 1,442,759 shares of the real estate investment trust’s stock valued at $280,443,000 after buying an additional 84,180 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Barclays lifted their price objective on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. increased their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Price Performance

AMT opened at $196.45 on Monday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company’s 50 day simple moving average is $222.51 and its 200-day simple moving average is $211.10. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The stock has a market capitalization of $91.80 billion, a P/E ratio of 82.89, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84.

American Tower (NYSE:AMT) last released its 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 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%. The firm’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period last year, the business posted $2.58 earnings per share. Sell-side analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

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

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.