Prestige Wealth Management Group LLC Purchases 5,882 Shares of American Tower Co. (NYSE:AMT)

Prestige Wealth Management Group LLC boosted its position in shares of American Tower Co. (NYSE:AMT) by 6,257.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,976 shares of the real estate investment trust’s stock after buying an additional 5,882 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in American Tower were worth $1,390,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in AMT. Brophy Wealth Management LLC acquired a new stake in American Tower in the 3rd quarter valued at about $633,000. Raelipskie Partnership bought a new stake in American Tower in the third quarter valued at approximately $1,152,000. Continuum Advisory LLC lifted its position in shares of American Tower by 5.8% in the third quarter. Continuum Advisory LLC now owns 6,966 shares of the real estate investment trust’s stock valued at $1,620,000 after buying an additional 380 shares during the last quarter. PYA Waltman Capital LLC boosted its stake in shares of American Tower by 5.0% during the 3rd quarter. PYA Waltman Capital LLC now owns 9,478 shares of the real estate investment trust’s stock worth $2,204,000 after acquiring an additional 449 shares during the period. Finally, Drucker Wealth 3.0 LLC increased its holdings in shares of American Tower by 5.8% during the 3rd quarter. Drucker Wealth 3.0 LLC now owns 13,160 shares of the real estate investment trust’s stock worth $3,061,000 after acquiring an additional 725 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

Shares of NYSE AMT opened at $209.02 on Tuesday. The business has a fifty day moving average price of $212.85 and a two-hundred day moving average price of $213.27. The stock has a market capitalization of $97.67 billion, a PE ratio of 88.19, a P/E/G ratio of 1.38 and a beta of 0.83. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS 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 company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the firm earned $2.58 EPS. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be paid a $1.62 dividend. The ex-dividend date is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.10%. American Tower’s dividend payout ratio (DPR) is 273.42%.

Wall Street Analyst Weigh In

A number of research firms have commented on AMT. 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 report on Wednesday, October 30th. Royal Bank of Canada lifted their target price 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. Scotiabank lowered 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 report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, StockNews.com lowered 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.