Jacobs & Co. CA Increases Stock Position in American Tower Co. (NYSE:AMT)

Jacobs & Co. CA raised its holdings in American Tower Co. (NYSE:AMT) by 50.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,044 shares of the real estate investment trust’s stock after purchasing an additional 11,799 shares during the period. Jacobs & Co. CA’s holdings in American Tower were worth $6,427,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC lifted its stake in shares of 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 buying an additional 78 shares during the period. Fairscale Capital LLC purchased a new position in shares of American Tower during the second quarter valued at approximately $27,000. Northwest Investment Counselors LLC purchased a new position in shares of American Tower during the third quarter valued at approximately $30,000. Hara Capital LLC purchased a new position in shares of American Tower during the third quarter valued at approximately $31,000. Finally, Legacy Investment Solutions LLC purchased a new position in American Tower during the third quarter worth approximately $34,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AMT. Barclays cut their price target on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. Mizuho cut their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Scotiabank cut their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, October 30th. Finally, StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and an average target price of $233.67.

American Tower Stock Down 2.9 %

American Tower stock traded down $5.27 during midday trading on Friday, hitting $173.92. 2,223,137 shares of the stock were exchanged, compared to its average volume of 2,253,526. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The firm has a market cap of $81.27 billion, a P/E ratio of 73.38, a P/E/G ratio of 1.31 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. The company has a 50 day moving average price of $195.74 and a two-hundred day moving average price of $211.81.

American Tower (NYSE:AMT) last released its quarterly 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 return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period last year, the firm earned $2.58 EPS. The business’s quarterly revenue was down 10.5% on a year-over-year basis. On average, sell-side analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Friday, December 27th. American Tower’s payout ratio is currently 273.42%.

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.