Socorro Asset Management LP Acquires 22,234 Shares of American Tower Co. (NYSE:AMT)

Socorro Asset Management LP boosted its holdings in American Tower Co. (NYSE:AMT) by 171.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 35,234 shares of the real estate investment trust’s stock after acquiring an additional 22,234 shares during the quarter. American Tower accounts for approximately 3.1% of Socorro Asset Management LP’s investment portfolio, making the stock its 18th biggest holding. Socorro Asset Management LP’s holdings in American Tower were worth $8,194,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AMT. JPMorgan Chase & Co. increased their price target on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. BMO Capital Markets cut their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Scotiabank reduced 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 report on Wednesday, October 30th. Finally, Mizuho lifted their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and an average price target of $235.54.

American Tower Stock Down 0.1 %

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 PE 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 company has a 50 day moving average of $215.95 and a 200 day moving average of $212.46.

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

American Tower Announces Dividend

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