Angeles Wealth Management LLC Increases Stock Holdings in American Tower Co. (NYSE:AMT)

Angeles Wealth Management LLC grew its stake in shares of American Tower Co. (NYSE:AMT) by 9.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,682 shares of the real estate investment trust’s stock after purchasing an additional 144 shares during the quarter. Angeles Wealth Management LLC’s holdings in American Tower were worth $391,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Fortitude Family Office LLC boosted its stake in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new stake in shares of American Tower in the 2nd quarter valued at about $27,000. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the 3rd quarter valued at about $30,000. Cultivar Capital Inc. acquired a new position in American Tower during the second quarter worth approximately $25,000. Finally, Hobbs Group Advisors LLC purchased a new stake in American Tower in the second quarter valued at approximately $29,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AMT. Barclays raised their target price on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Scotiabank dropped their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, October 30th. Mizuho increased their target price on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. JPMorgan Chase & Co. raised their price target on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $235.85.

American Tower Stock Down 1.1 %

American Tower stock opened at $211.26 on Monday. The stock’s 50 day moving average price is $228.14 and its 200 day moving average price is $209.20. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The company has a market cap of $98.68 billion, a PE ratio of 89.14, a price-to-earnings-growth ratio of 1.49 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.81.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). The company had revenue of $2.52 billion for the quarter, compared to analysts’ expectations 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 for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.58 earnings per share. On average, sell-side analysts predict that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued 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 yield of 3.07%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

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.