Prime Capital Investment Advisors LLC Increases Stock Holdings in American Tower Co. (NYSE:AMT)

Prime Capital Investment Advisors LLC lifted its stake in shares of American Tower Co. (NYSE:AMT) by 12.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,169 shares of the real estate investment trust’s stock after buying an additional 465 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in American Tower were worth $970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of AMT. Fortitude Family Office LLC lifted its stake in shares of American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 78 shares during the period. Fairscale Capital LLC acquired a new stake in American Tower in the second quarter valued at about $27,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the 3rd quarter valued at approximately $30,000. Cultivar Capital Inc. acquired a new position in American Tower during the 2nd quarter worth approximately $25,000. Finally, Hara Capital LLC acquired a new stake in shares of American Tower in the 3rd quarter valued at approximately $31,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AMT shares. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. 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. JPMorgan Chase & Co. increased their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Mizuho upped their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Finally, Scotiabank reduced their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.85.

American Tower Trading Down 0.1 %

Shares of AMT stock opened at $194.91 on Friday. The company has a market capitalization of $91.08 billion, a price-to-earnings ratio of 82.24, a PEG ratio of 1.29 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a 50-day moving average price of $224.08 and a 200 day moving average price of $210.55. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings data 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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the previous year, the company posted $2.58 EPS. The business’s quarterly revenue was down 10.5% on a year-over-year basis. Research analysts forecast that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend was Wednesday, October 9th. 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.