Fmr LLC Purchases 2,152,646 Shares of American Tower Co. (NYSE:AMT)

Fmr LLC boosted its holdings in American Tower Co. (NYSE:AMT) by 25.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,642,133 shares of the real estate investment trust’s stock after acquiring an additional 2,152,646 shares during the quarter. Fmr LLC owned 2.28% of American Tower worth $2,474,934,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. BOKF NA increased its holdings in American Tower by 2.7% in the 1st quarter. BOKF NA now owns 6,248 shares of the real estate investment trust’s stock worth $1,206,000 after buying an additional 164 shares in the last quarter. Waverly Advisors LLC raised its holdings in shares of American Tower by 45.4% during the first quarter. Waverly Advisors LLC now owns 5,603 shares of the real estate investment trust’s stock valued at $1,107,000 after purchasing an additional 1,750 shares during the last quarter. Tidal Investments LLC lifted its position in American Tower by 27.7% during the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after purchasing an additional 4,430 shares during the period. Semmax Financial Advisors Inc. boosted its holdings in American Tower by 2,009.1% in the first quarter. Semmax Financial Advisors Inc. now owns 232 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 221 shares during the last quarter. Finally, LBP AM SA grew its position in American Tower by 55.8% in the 1st quarter. LBP AM SA now owns 4,596 shares of the real estate investment trust’s stock worth $908,000 after purchasing an additional 1,646 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Price Performance

NYSE:AMT opened at $207.60 on Tuesday. The business’s 50-day simple moving average is $218.10 and its two-hundred day simple moving average is $211.99. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The stock has a market cap of $97.01 billion, a PE ratio of 87.59, a P/E/G ratio of 1.36 and a beta of 0.84. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last issued its 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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period last year, the business posted $2.58 EPS. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, analysts forecast that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.12%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is currently 273.42%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AMT shares. Barclays lowered their price target on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a report on Monday, November 18th. Scotiabank dropped their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock 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 reduced their price target for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Royal Bank of Canada raised their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Finally, BMO Capital Markets decreased their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. 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. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $235.54.

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.