Rockefeller Capital Management L.P. Sells 2,706 Shares of American Tower Co. (NYSE:AMT)

Rockefeller Capital Management L.P. reduced its stake in American Tower Co. (NYSE:AMT) by 2.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,885 shares of the real estate investment trust’s stock after selling 2,706 shares during the period. Rockefeller Capital Management L.P.’s holdings in American Tower were worth $21,821,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers increased its position in shares of American Tower by 344.2% during the first quarter. Cetera Investment Advisers now owns 111,449 shares of the real estate investment trust’s stock valued at $22,021,000 after buying an additional 86,359 shares during the period. EverSource Wealth Advisors LLC lifted its stake in American Tower by 24.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 907 shares of the real estate investment trust’s stock worth $179,000 after purchasing an additional 176 shares in the last quarter. GAMMA Investing LLC boosted its holdings in American Tower by 52.4% in the 2nd quarter. GAMMA Investing LLC now owns 5,114 shares of the real estate investment trust’s stock valued at $994,000 after purchasing an additional 1,759 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in American Tower by 1.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 18,645 shares of the real estate investment trust’s stock valued at $3,624,000 after purchasing an additional 290 shares during the period. Finally, Institutional & Family Asset Management LLC grew its position in shares of American Tower by 110.6% during the 2nd quarter. Institutional & Family Asset Management LLC now owns 198 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 104 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Barclays dropped their price target on American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research report on Monday, November 18th. Royal Bank of Canada upped their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Scotiabank cut their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, American Tower has an average rating of “Moderate Buy” and an average price target of $235.54.

American Tower Stock Performance

NYSE AMT opened at $209.00 on Friday. The company has a 50-day simple moving average of $215.95 and a two-hundred day simple moving average of $212.46. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The firm has a market cap of $97.66 billion, a price-to-earnings ratio of 88.19, a PEG ratio of 1.39 and a beta of 0.84. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last posted its quarterly earnings results 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 return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the business earned $2.58 earnings per share. American Tower’s revenue was down 10.5% compared to the same quarter last year. On average, equities analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.10%. American Tower’s 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.