National Wealth Management Group LLC Purchases Shares of 2,370 American Tower Co. (NYSE:AMT)

National Wealth Management Group LLC purchased a new stake in shares of American Tower Co. (NYSE:AMT) during the third quarter, HoldingsChannel reports. The fund purchased 2,370 shares of the real estate investment trust’s stock, valued at approximately $551,000.

A number of other institutional investors and hedge funds have also bought and sold shares of AMT. Cultivar Capital Inc. bought a new stake in American Tower during the second quarter valued at about $25,000. Fortitude Family Office LLC raised its holdings in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares during the period. Fairscale Capital LLC bought a new stake in American Tower during the second quarter valued at about $27,000. Hobbs Group Advisors LLC bought a new stake in American Tower during the second quarter valued at about $29,000. Finally, Northwest Investment Counselors LLC bought a new stake in American Tower during the third quarter valued at about $30,000. 92.69% of the stock is owned by institutional investors.

American Tower Stock Up 0.6 %

Shares of NYSE:AMT opened at $209.31 on Thursday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The business has a 50 day simple moving average of $216.94 and a two-hundred day simple moving average of $212.14. The firm has a market capitalization of $97.81 billion, a PE ratio of 88.32, a price-to-earnings-growth ratio of 1.38 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT) last announced 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 analysts’ expectations of $2.77 billion. During the same quarter last year, the firm earned $2.58 EPS. The firm’s quarterly revenue was down 10.5% on a year-over-year basis. On average, equities analysts predict that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.10%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. BMO Capital Markets reduced their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Scotiabank reduced their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. TD Cowen lifted their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $235.54.

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.