Profund Advisors LLC cut its holdings in shares of American Tower Corp (NYSE:AMT) by 39.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,666 shares of the real estate investment trust’s stock after selling 12,355 shares during the period. Profund Advisors LLC’s holdings in American Tower were worth $4,290,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Country Trust Bank increased its position in shares of American Tower by 289.3% in the 4th quarter. Country Trust Bank now owns 109 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 81 shares during the period. CXI Advisors acquired a new position in shares of American Tower in the 4th quarter valued at $27,000. TI Trust Inc. acquired a new position in shares of American Tower in the 4th quarter valued at $34,000. C M Bidwell & Associates Ltd. acquired a new position in shares of American Tower in the 4th quarter valued at $34,000. Finally, IndexIQ Advisors LLC acquired a new position in shares of American Tower in the 4th quarter valued at $35,000. 92.24% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on AMT. KeyCorp upped their target price on American Tower from $254.00 to $273.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Raymond James raised American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 target price on the stock in a research report on Thursday. Goldman Sachs Group raised American Tower from a “neutral” rating to a “buy” rating and upped their target price for the company from $204.00 to $270.00 in a research report on Monday, January 13th. Citigroup raised American Tower from a “neutral” rating to a “buy” rating and set a $280.00 price target on the stock in a research report on Thursday, March 5th. Finally, New Street Research raised American Tower from a “neutral” rating to a “buy” rating in a research report on Thursday, March 12th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $237.31.
AMT traded up $22.94 during midday trading on Thursday, hitting $222.20. 3,413,331 shares of the company were exchanged, compared to its average volume of 2,340,025. The company’s 50 day simple moving average is $235.54 and its 200 day simple moving average is $225.48. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 5.03. American Tower Corp has a 1-year low of $174.32 and a 1-year high of $258.62. The firm has a market capitalization of $84.27 billion, a price-to-earnings ratio of 52.53, a price-to-earnings-growth ratio of 1.28 and a beta of 0.41.
American Tower (NYSE:AMT) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.60). American Tower had a return on equity of 32.51% and a net margin of 24.90%. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the previous year, the company earned $0.62 earnings per share. The company’s revenue was down 9.8% compared to the same quarter last year. On average, equities analysts anticipate that American Tower Corp will post 8.32 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 29th. Stockholders of record on Tuesday, April 14th will be paid a dividend of $1.08 per share. This is a positive change from American Tower’s previous quarterly dividend of $1.01. This represents a $4.32 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Monday, April 13th. American Tower’s dividend payout ratio is presently 52.26%.
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 approximately 171,000 communications sites.
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