iA Global Asset Management Inc. Has $6.81 Million Holdings in American Tower Co. (NYSE:AMT)

iA Global Asset Management Inc. lowered its stake in shares of American Tower Co. (NYSE:AMT) by 70.3% during the third quarter, HoldingsChannel reports. The fund owned 29,290 shares of the real estate investment trust’s stock after selling 69,306 shares during the quarter. iA Global Asset Management Inc.’s holdings in American Tower were worth $6,812,000 as of its most recent filing with the Securities and Exchange Commission.

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

American Tower Stock Down 1.0 %

Shares of NYSE:AMT opened at $207.10 on Friday. 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 $96.78 billion, a P/E ratio of 87.38, a P/E/G ratio of 1.38 and a beta of 0.83. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The company’s 50-day moving average price is $213.32 and its two-hundred day moving average price is $212.96.

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 for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period in the prior year, the business earned $2.58 EPS. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, research analysts forecast that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.13%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio is 273.42%.

Analysts Set New Price Targets

AMT has been the subject of a number of recent research reports. Royal Bank of Canada upped their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Scotiabank dropped their price objective 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. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Finally, BMO Capital Markets decreased their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Four equities research 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 company. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price 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.