Heard Capital LLC Sells 223,368 Shares of American Tower Co. (NYSE:AMT)

Heard Capital LLC lowered its stake in shares of American Tower Co. (NYSE:AMT) by 22.0% during the third quarter, HoldingsChannel reports. The fund owned 790,325 shares of the real estate investment trust’s stock after selling 223,368 shares during the quarter. American Tower makes up about 10.3% of Heard Capital LLC’s portfolio, making the stock its 3rd biggest holding. Heard Capital LLC’s holdings in American Tower were worth $183,798,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of AMT. Balentine LLC bought a new stake in American Tower in the third quarter worth approximately $586,000. Point72 Hong Kong Ltd bought a new stake in shares of American Tower during the 3rd quarter valued at $1,156,000. Czech National Bank lifted its position in American Tower by 6.9% in the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after buying an additional 6,163 shares during the last quarter. Banque Cantonale Vaudoise grew its holdings in American Tower by 46.8% in the third quarter. Banque Cantonale Vaudoise now owns 25,715 shares of the real estate investment trust’s stock valued at $5,980,000 after purchasing an additional 8,195 shares during the period. Finally, Savvy Advisors Inc. lifted its stake in American Tower by 268.2% during the third quarter. Savvy Advisors Inc. now owns 4,463 shares of the real estate investment trust’s stock worth $1,038,000 after purchasing an additional 3,251 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AMT. Scotiabank lowered their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. BMO Capital Markets decreased their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Barclays decreased their price target on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a report on Monday, November 18th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Four equities 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.54.

American Tower Price Performance

Shares of AMT stock opened at $207.33 on Tuesday. The firm has a market capitalization of $96.88 billion, a P/E ratio of 87.48, a P/E/G ratio of 1.39 and a beta of 0.83. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a 50 day moving average price of $215.95 and a 200 day moving average price of $212.61.

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

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio is currently 273.42%.

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.