Harvest Fund Management Co. Ltd Acquires New Shares in American Tower Co. (NYSE:AMT)

Harvest Fund Management Co. Ltd acquired a new stake in American Tower Co. (NYSE:AMT) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 4,936 shares of the real estate investment trust’s stock, valued at approximately $1,147,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AMT. BOKF NA boosted its stake in American Tower by 2.7% in the 1st quarter. BOKF NA now owns 6,248 shares of the real estate investment trust’s stock worth $1,206,000 after purchasing an additional 164 shares during the period. Waverly Advisors LLC boosted its stake in American Tower by 45.4% in the 1st quarter. Waverly Advisors LLC now owns 5,603 shares of the real estate investment trust’s stock worth $1,107,000 after purchasing an additional 1,750 shares during the period. Tidal Investments LLC boosted its stake in American Tower by 27.7% in the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock worth $4,029,000 after purchasing an additional 4,430 shares during the period. Semmax Financial Advisors Inc. boosted its stake in American Tower by 2,009.1% in the 1st quarter. Semmax Financial Advisors Inc. now owns 232 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 221 shares during the period. Finally, LBP AM SA boosted its stake in American Tower by 55.8% in the 1st quarter. LBP AM SA now owns 4,596 shares of the real estate investment trust’s stock worth $908,000 after purchasing an additional 1,646 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AMT has been the subject of a number of research analyst reports. Mizuho upped their target price on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Scotiabank reduced their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. BMO Capital Markets reduced their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Barclays reduced their price objective on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research note on Monday, November 18th. Finally, StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Four 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 company. According to data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average price target of $235.54.

American Tower Stock Up 1.6 %

Shares of AMT stock opened at $207.60 on Tuesday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The firm’s 50-day moving average is $218.10 and its 200-day moving average is $211.99. The stock has a market cap of $97.01 billion, a price-to-earnings ratio of 87.59, a PEG ratio of 1.36 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.

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

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.12%. American Tower’s dividend payout ratio is currently 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.