Point72 Hong Kong Ltd Purchases Shares of 4,972 American Tower Co. (NYSE:AMT)

Point72 Hong Kong Ltd acquired a new position in American Tower Co. (NYSE:AMT) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,972 shares of the real estate investment trust’s stock, valued at approximately $1,156,000.

Several other large investors have also recently modified their holdings of AMT. NBT Bank N A NY increased its position in shares of American Tower by 3.3% during the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock worth $329,000 after purchasing an additional 54 shares in the last quarter. CX Institutional raised its stake in American Tower by 2.9% in the third quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock valued at $450,000 after buying an additional 54 shares during the last quarter. O Brien Greene & Co. Inc boosted its holdings in American Tower by 2.3% in the second quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after acquiring an additional 55 shares in the last quarter. Palumbo Wealth Management LLC grew its stake in shares of American Tower by 1.6% during the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock worth $864,000 after acquiring an additional 57 shares during the last quarter. Finally, Tyche Wealth Partners LLC grew its stake in shares of American Tower by 4.9% during the second quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock worth $242,000 after acquiring an additional 58 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Wells Fargo & Company downgraded shares of 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 note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft upped their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Royal Bank of Canada lifted their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Finally, Barclays cut their price objective on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a report on Monday, November 18th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $235.54.

American Tower Price Performance

Shares of NYSE AMT opened at $209.00 on Monday. 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 firm’s 50 day simple moving average is $215.95 and its 200-day simple moving average is $212.61. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. 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.

American Tower (NYSE:AMT) last posted 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 firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the previous year, the company earned $2.58 earnings per share. The company’s revenue was down 10.5% compared to the same quarter last year. Analysts expect that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

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