Northcape Wealth Management LLC Purchases 235 Shares of American Tower Co. (NYSE:AMT)

Northcape Wealth Management LLC increased its position in shares of American Tower Co. (NYSE:AMT) by 2.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,620 shares of the real estate investment trust’s stock after acquiring an additional 235 shares during the quarter. Northcape Wealth Management LLC’s holdings in American Tower were worth $2,470,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AMT. Ameriprise Financial Inc. lifted its holdings in shares of American Tower by 41.8% during 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 purchasing an additional 1,885,421 shares during the last quarter. Pathway Financial Advisers LLC raised its stake in American Tower by 23,224.1% in the third quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock valued at $231,941,000 after buying an additional 993,061 shares during the last quarter. International Assets Investment Management LLC raised its stake in American Tower by 22,242.7% in the third quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock valued at $1,811,330,000 after buying an additional 775,379 shares during the last quarter. Swedbank AB purchased a new stake in shares of American Tower during the first quarter worth about $123,861,000. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of American Tower by 16.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock valued at $643,571,000 after acquiring an additional 464,429 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

NYSE:AMT opened at $196.45 on Friday. The company has a 50 day moving average price of $222.51 and a 200-day moving average price of $210.59. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The firm has a market cap of $91.80 billion, a price-to-earnings ratio of 82.89, a price-to-earnings-growth ratio of 1.30 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 0.69.

American Tower (NYSE:AMT) last issued its quarterly earnings data 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 return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same quarter last year, the company posted $2.58 EPS. The company’s revenue was down 10.5% on a year-over-year basis. Equities research analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.30%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is currently 273.42%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. TD Cowen boosted their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Scotiabank cut their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Four investment 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 company’s stock. Based on data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and an average price target of $235.85.

About American Tower

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.