Socorro Asset Management LP Has $8.19 Million Stock Position in American Tower Co. (NYSE:AMT)

Socorro Asset Management LP lifted its stake in shares of American Tower Co. (NYSE:AMT) by 171.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,234 shares of the real estate investment trust’s stock after buying an additional 22,234 shares during the period. American Tower comprises approximately 3.1% of Socorro Asset Management LP’s investment portfolio, making the stock its 18th biggest position. Socorro Asset Management LP’s holdings in American Tower were worth $8,194,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of AMT. Timber Creek Capital Management LLC raised its position in American Tower by 0.7% in the third quarter. Timber Creek Capital Management LLC now owns 18,764 shares of the real estate investment trust’s stock valued at $4,364,000 after purchasing an additional 123 shares during the last quarter. Semmax Financial Advisors Inc. increased its stake in shares of American Tower by 3.6% in the third quarter. Semmax Financial Advisors Inc. now owns 16,688 shares of the real estate investment trust’s stock valued at $3,881,000 after buying an additional 582 shares during the period. Point72 Europe London LLP bought a new position in American Tower in the 3rd quarter valued at approximately $10,073,000. Verition Fund Management LLC boosted its position in American Tower by 6.5% during the 3rd quarter. Verition Fund Management LLC now owns 20,402 shares of the real estate investment trust’s stock worth $4,745,000 after buying an additional 1,245 shares during the period. Finally, Captrust Financial Advisors grew its holdings in American Tower by 0.3% during the 3rd quarter. Captrust Financial Advisors now owns 71,248 shares of the real estate investment trust’s stock worth $16,569,000 after acquiring an additional 192 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Mizuho raised their price target on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. BMO Capital Markets lowered their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Barclays reduced their price target on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research report on Monday, November 18th. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Finally, Scotiabank cut their price objective on 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. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $235.54.

American Tower Price Performance

American Tower stock opened at $209.00 on Friday. The stock’s 50 day moving average price is $215.95 and its two-hundred day moving average price is $212.46. The stock has a market capitalization of $97.66 billion, a price-to-earnings ratio of 88.19, a PEG ratio of 1.39 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56.

American Tower (NYSE:AMT) last issued 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 return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the prior year, the company earned $2.58 earnings per share. The firm’s revenue was down 10.5% compared to the same quarter last year. On average, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is currently 273.42%.

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.