Cobblestone Capital Advisors LLC NY Boosts Holdings in American Tower Co. (NYSE:AMT)

Cobblestone Capital Advisors LLC NY lifted its holdings in American Tower Co. (NYSE:AMT) by 0.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 59,521 shares of the real estate investment trust’s stock after acquiring an additional 56 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in American Tower were worth $13,842,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. FMR LLC boosted its position in American Tower by 25.4% during the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after buying an additional 2,152,646 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of American Tower by 41.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after acquiring an additional 1,885,421 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in American Tower by 4.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock valued at $1,211,397,000 after acquiring an additional 243,061 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in American Tower by 5.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,111,335 shares of the real estate investment trust’s stock worth $956,132,000 after acquiring an additional 224,261 shares during the last quarter. Finally, Clearbridge Investments LLC increased its stake in American Tower by 8.9% in the 2nd quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock worth $720,206,000 after purchasing an additional 302,676 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

AMT opened at $209.00 on Friday. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The company has a market cap of $97.66 billion, a price-to-earnings ratio of 88.19, a price-to-earnings-growth ratio of 1.39 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 stock has a fifty day simple moving average of $215.95 and a two-hundred day simple moving average of $212.46.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s revenue was down 10.5% on a year-over-year basis. During the same period last year, the business earned $2.58 earnings per share. Research analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.10%. American Tower’s dividend payout ratio is currently 273.42%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on AMT shares. Barclays dropped their price objective on American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research note on Monday, November 18th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Scotiabank dropped their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Finally, Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $235.54.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.