Atreides Management LP Buys 109,572 Shares of American Tower Co. (NYSE:AMT)

Atreides Management LP lifted its stake in shares of American Tower Co. (NYSE:AMT) by 143.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 186,136 shares of the real estate investment trust’s stock after purchasing an additional 109,572 shares during the quarter. American Tower accounts for about 1.1% of Atreides Management LP’s portfolio, making the stock its 22nd largest position. Atreides Management LP’s holdings in American Tower were worth $43,288,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in AMT. Point72 Hong Kong Ltd acquired a new stake in American Tower during the 3rd quarter worth approximately $1,156,000. FSA Wealth Management LLC acquired a new stake in American Tower during the 3rd quarter worth approximately $89,000. Erste Asset Management GmbH acquired a new stake in American Tower during the 3rd quarter worth approximately $2,484,000. Adelante Capital Management LLC boosted its position in American Tower by 2,723.4% during the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock worth $279,890,000 after buying an additional 1,160,890 shares during the period. Finally, Socorro Asset Management LP boosted its position in American Tower by 171.0% during the 3rd quarter. Socorro Asset Management LP now owns 35,234 shares of the real estate investment trust’s stock worth $8,194,000 after buying an additional 22,234 shares during the period. 92.69% of the stock is owned by institutional investors.

American Tower Stock Down 0.1 %

Shares of NYSE AMT opened at $209.00 on Monday. The firm has a market cap of $97.66 billion, a PE ratio of 88.19, a P/E/G ratio of 1.39 and a beta of 0.84. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The company’s fifty day simple moving average is $215.95 and its 200 day simple moving average is $212.61. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

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 the consensus estimate of $2.45 by ($1.56). The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm’s revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.58 earnings per share. As a group, sell-side analysts forecast that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.10%. American Tower’s payout ratio is 273.42%.

Analyst Ratings Changes

Several equities research analysts recently commented on AMT shares. BMO Capital Markets cut their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Scotiabank cut their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. Barclays dropped their price target on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research report on Monday, November 18th. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $235.54.

About American Tower

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.