Pacer Advisors Inc. lowered its holdings in shares of American Tower Co. (REIT) (NYSE:AMT) by 0.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 718,391 shares of the real estate investment trust’s stock after selling 5,367 shares during the period. American Tower accounts for 3.0% of Pacer Advisors Inc.’s investment portfolio, making the stock its 2nd largest holding. Pacer Advisors Inc.’s holdings in American Tower were worth $171,739,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. BlackRock Inc. boosted its stake in American Tower by 2.3% during the 4th quarter. BlackRock Inc. now owns 34,348,573 shares of the real estate investment trust’s stock worth $7,709,879,000 after purchasing an additional 776,600 shares during the period. Akre Capital Management LLC lifted its stake in shares of American Tower by 1.4% in the 4th quarter. Akre Capital Management LLC now owns 7,130,558 shares of the real estate investment trust’s stock worth $1,600,525,000 after acquiring an additional 97,189 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of American Tower by 3.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,115,306 shares of the real estate investment trust’s stock worth $1,372,618,000 after acquiring an additional 218,524 shares during the period. Principal Financial Group Inc. lifted its stake in shares of American Tower by 19.5% in the 4th quarter. Principal Financial Group Inc. now owns 4,749,596 shares of the real estate investment trust’s stock worth $1,066,094,000 after acquiring an additional 776,322 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of American Tower by 1.3% in the 4th quarter. Bank of New York Mellon Corp now owns 4,195,305 shares of the real estate investment trust’s stock worth $941,676,000 after acquiring an additional 52,629 shares during the period. Hedge funds and other institutional investors own 89.97% of the company’s stock.
AMT has been the subject of several recent analyst reports. Credit Suisse Group reduced their target price on shares of American Tower from $307.00 to $296.00 and set an “outperform” rating for the company in a research note on Thursday, March 4th. KeyCorp upgraded shares of American Tower from a “sector weight” rating to an “overweight” rating and set a $275.00 target price for the company in a research note on Wednesday, March 31st. Deutsche Bank Aktiengesellschaft cut shares of American Tower from a “buy” rating to a “hold” rating and reduced their target price for the stock from $295.00 to $245.00 in a research note on Friday, December 11th. Wolfe Research initiated coverage on shares of American Tower in a research note on Thursday, March 18th. They issued an “outperform” rating for the company. Finally, Cowen reduced their price objective on shares of American Tower from $334.00 to $324.00 and set an “outperform” rating for the company in a research note on Friday, February 26th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $270.55.
NYSE:AMT traded down $1.11 during mid-day trading on Thursday, hitting $243.60. 15,043 shares of the company’s stock traded hands, compared to its average volume of 2,344,672. The company has a debt-to-equity ratio of 5.73, a quick ratio of 1.35 and a current ratio of 1.35. The firm’s 50 day simple moving average is $222.85 and its 200 day simple moving average is $228.80. American Tower Co. has a 1 year low of $197.50 and a 1 year high of $272.20. The company has a market cap of $108.25 billion, a PE ratio of 57.85, a price-to-earnings-growth ratio of 1.57 and a beta of 0.25.
American Tower (NYSE:AMT) last posted its earnings results on Wednesday, February 24th. The real estate investment trust reported $0.82 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.27 by ($0.45). American Tower had a net margin of 24.08% and a return on equity of 42.42%. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same quarter last year, the business posted $1.95 earnings per share. The business’s revenue was up 10.3% compared to the same quarter last year. On average, research analysts expect that American Tower Co. will post 8.16 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 29th. Shareholders of record on Tuesday, April 13th will be issued a dividend of $1.24 per share. This is an increase from American Tower’s previous quarterly dividend of $1.21. This represents a $4.96 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Monday, April 12th. American Tower’s dividend payout ratio (DPR) is 62.61%.
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 approximately 181,000 communications sites.
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