Prime Capital Investment Advisors LLC Increases Position in American Tower Co. (NYSE:AMT)

Prime Capital Investment Advisors LLC raised its position in shares of American Tower Co. (NYSE:AMT) by 12.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,169 shares of the real estate investment trust’s stock after buying an additional 465 shares during the period. Prime Capital Investment Advisors LLC’s holdings in American Tower were worth $970,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of AMT. Savvy Advisors Inc. grew its position in American Tower by 268.2% in the 3rd quarter. Savvy Advisors Inc. now owns 4,463 shares of the real estate investment trust’s stock valued at $1,038,000 after acquiring an additional 3,251 shares in the last quarter. Patron Partners LLC boosted its stake in shares of American Tower by 4.0% in the third quarter. Patron Partners LLC now owns 3,372 shares of the real estate investment trust’s stock valued at $784,000 after purchasing an additional 131 shares during the period. Entropy Technologies LP acquired a new position in shares of American Tower in the third quarter valued at approximately $4,846,000. Nations Financial Group Inc. IA ADV increased its stake in American Tower by 5.7% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 5,794 shares of the real estate investment trust’s stock worth $1,347,000 after buying an additional 315 shares during the period. Finally, Cottonwood Capital Advisors LLC acquired a new stake in American Tower during the 3rd quarter worth approximately $214,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Performance

Shares of AMT stock opened at $194.91 on Friday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market cap of $91.08 billion, a price-to-earnings ratio of 82.24, a PEG ratio of 1.29 and a beta of 0.84. The stock’s 50-day moving average is $224.08 and its two-hundred day moving average is $210.55.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period last year, the firm earned $2.58 EPS. Analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were given a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.32%. American Tower’s dividend payout ratio (DPR) is 273.42%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on AMT shares. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. BMO Capital Markets reduced their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. TD Cowen lifted their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upped their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Scotiabank decreased their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $235.85.

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.