American Tower Co. (REIT) (NYSE:AMT) Shares Purchased by Alliancebernstein L.P.

Alliancebernstein L.P. lifted its stake in American Tower Co. (REIT) (NYSE:AMT) by 1.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,767,698 shares of the real estate investment trust’s stock after acquiring an additional 51,993 shares during the quarter. Alliancebernstein L.P.’s holdings in American Tower were worth $999,985,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Destiny Wealth Partners LLC acquired a new stake in American Tower during the 3rd quarter worth approximately $30,000. Canton Hathaway LLC acquired a new stake in American Tower during the 3rd quarter worth approximately $31,000. Harvest Fund Management Co. Ltd acquired a new stake in American Tower during the 2nd quarter worth approximately $34,000. Albion Financial Group UT acquired a new stake in American Tower during the 2nd quarter worth approximately $36,000. Finally, GeoWealth Management LLC acquired a new stake in American Tower during the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 89.57% of the company’s stock.

Shares of NYSE AMT traded up $1.15 during mid-day trading on Wednesday, reaching $261.64. The company had a trading volume of 34,690 shares, compared to its average volume of 2,373,260. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 3.32. The firm has a 50 day simple moving average of $272.57 and a two-hundred day simple moving average of $278.52. The stock has a market cap of $119.15 billion, a P/E ratio of 47.36, a PEG ratio of 2.03 and a beta of 0.37. American Tower Co. has a 52-week low of $197.50 and a 52-week high of $303.72.

American Tower (NYSE:AMT) last posted its earnings results on Wednesday, October 27th. The real estate investment trust reported $1.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.69). American Tower had a net margin of 27.44% and a return on equity of 39.34%. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same period last year, the business earned $2.23 earnings per share. The company’s quarterly revenue was up 21.9% on a year-over-year basis. On average, equities analysts expect that American Tower Co. will post 9.18 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 14th. Shareholders of record on Monday, December 27th will be given a dividend of $1.39 per share. This is an increase from American Tower’s previous quarterly dividend of $1.31. This represents a $5.56 annualized dividend and a yield of 2.13%. The ex-dividend date is Thursday, December 23rd. American Tower’s dividend payout ratio (DPR) is presently 101.09%.

In other news, Director Pamela D. A. Reeve sold 3,590 shares of the firm’s stock in a transaction on Thursday, December 9th. The shares were sold at an average price of $273.02, for a total value of $980,141.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joann A. Reed sold 866 shares of the firm’s stock in a transaction on Tuesday, November 16th. The stock was sold at an average price of $260.50, for a total transaction of $225,593.00. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

A number of research firms have issued reports on AMT. KeyCorp increased their target price on shares of American Tower from $302.00 to $311.00 and gave the stock an “overweight” rating in a report on Friday, October 29th. Morgan Stanley dropped their price objective on shares of American Tower from $316.00 to $294.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 1st. Wells Fargo & Company dropped their price objective on shares of American Tower from $305.00 to $285.00 and set an “overweight” rating on the stock in a research report on Friday, November 19th. JPMorgan Chase & Co. downgraded shares of American Tower from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $285.00 to $271.00 in a research report on Wednesday, January 5th. Finally, Raymond James dropped their price objective on shares of American Tower from $296.00 to $294.00 and set an “outperform” rating on the stock in a research report on Monday, November 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $293.63.

American Tower Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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