MAI Capital Management Sells 3,806 Shares of American Tower Co. (NYSE:AMT)

MAI Capital Management trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 3.3% during the third quarter, HoldingsChannel reports. The firm owned 110,878 shares of the real estate investment trust’s stock after selling 3,806 shares during the quarter. MAI Capital Management’s holdings in American Tower were worth $25,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cultivar Capital Inc. bought a new stake in American Tower in the second quarter worth about $25,000. Fortitude Family Office LLC raised its holdings in shares of American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC purchased a new position in American Tower in the second quarter valued at approximately $27,000. Hobbs Group Advisors LLC bought a new position in American Tower during the second quarter valued at $29,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of American Tower during the 3rd quarter worth $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. BMO Capital Markets dropped their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Royal Bank of Canada raised their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Mizuho boosted their target price on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Barclays raised their price target on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $235.85.

American Tower Price Performance

Shares of NYSE:AMT opened at $196.45 on Monday. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. 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 firm has a market capitalization of $91.80 billion, a price-to-earnings ratio of 82.89, a PEG ratio of 1.31 and a beta of 0.84. The company’s fifty day moving average price is $222.51 and its 200-day moving average price is $211.10.

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 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 firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the business earned $2.58 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. On average, equities research 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. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is currently 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.