Empowered Funds LLC Acquires 508 Shares of American Tower Co. (NYSE:AMT)

Empowered Funds LLC increased its holdings in American Tower Co. (NYSE:AMT) by 5.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,935 shares of the real estate investment trust’s stock after buying an additional 508 shares during the period. Empowered Funds LLC’s holdings in American Tower were worth $2,310,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of AMT. CIBC Asset Management Inc boosted its holdings in American Tower by 4.4% in the 3rd quarter. CIBC Asset Management Inc now owns 88,610 shares of the real estate investment trust’s stock valued at $20,607,000 after purchasing an additional 3,720 shares during the period. Impax Asset Management Group plc boosted its holdings in American Tower by 68.9% in the 3rd quarter. Impax Asset Management Group plc now owns 33,925 shares of the real estate investment trust’s stock valued at $7,890,000 after purchasing an additional 13,834 shares during the period. Nicola Wealth Management LTD. boosted its holdings in American Tower by 20.3% in the 3rd quarter. Nicola Wealth Management LTD. now owns 8,281 shares of the real estate investment trust’s stock valued at $1,926,000 after purchasing an additional 1,400 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its holdings in American Tower by 9.5% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,188 shares of the real estate investment trust’s stock valued at $3,067,000 after purchasing an additional 1,142 shares during the period. Finally, Metis Global Partners LLC boosted its holdings in American Tower by 3.6% in the 3rd quarter. Metis Global Partners LLC now owns 24,934 shares of the real estate investment trust’s stock valued at $5,799,000 after purchasing an additional 864 shares during the period. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. TD Cowen raised their price target 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. Barclays dropped their price objective on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a report on Monday. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. JPMorgan Chase & Co. lifted their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Finally, 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 report on Wednesday, October 30th. Four investment 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. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.54.

American Tower Price Performance

Shares of NYSE:AMT opened at $201.17 on Wednesday. The company’s fifty day moving average is $220.88 and its 200 day moving average is $211.37. 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 $94.00 billion, a PE ratio of 84.88, a PEG ratio of 1.31 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 released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) 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 firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the firm posted $2.58 EPS. American Tower’s revenue was down 10.5% compared to the same quarter last year. Research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s payout ratio is 273.42%.

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.