Investment Management Corp of Ontario Has $4.14 Million Stake in American Tower Co. (NYSE:AMT)

Investment Management Corp of Ontario reduced its holdings in shares of American Tower Co. (NYSE:AMT) by 1.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,584 shares of the real estate investment trust’s stock after selling 333 shares during the period. Investment Management Corp of Ontario’s holdings in American Tower were worth $4,142,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in AMT. Roxbury Financial LLC acquired a new position in American Tower in the fourth quarter valued at approximately $32,000. Graney & King LLC bought a new position in American Tower during the fourth quarter worth $32,000. Crowley Wealth Management Inc. acquired a new stake in American Tower in the fourth quarter worth $37,000. Bank of Jackson Hole Trust bought a new stake in American Tower in the fourth quarter valued at $46,000. Finally, Kestra Investment Management LLC acquired a new position in shares of American Tower during the fourth quarter valued at about $48,000. 92.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on AMT shares. UBS Group raised their target price on American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. BMO Capital Markets boosted their price objective on American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Wells Fargo & Company increased their target price on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price target for the company. Finally, Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $239.27.

American Tower Price Performance

NYSE AMT opened at $219.96 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a market cap of $102.82 billion, a PE ratio of 92.81, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. The firm’s 50-day simple moving average is $215.14 and its two-hundred day simple moving average is $201.94.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the company posted $2.79 EPS. American Tower’s revenue was down 9.6% compared to the same quarter last year. Research analysts predict that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, April 11th were given a $1.70 dividend. The ex-dividend date of this dividend was Friday, April 11th. This is a boost from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a dividend yield of 3.09%. American Tower’s payout ratio is 174.81%.

American Tower 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.