Grassi Investment Management Sells 2,525 Shares of American Tower Co. (NYSE:AMT)

Grassi Investment Management lowered its holdings in American Tower Co. (NYSE:AMT) by 4.7% in the 4th quarter, HoldingsChannel reports. The firm owned 50,892 shares of the real estate investment trust’s stock after selling 2,525 shares during the quarter. Grassi Investment Management’s holdings in American Tower were worth $9,334,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. FMR LLC raised its stake in American Tower by 25.4% in the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock worth $2,474,934,000 after buying an additional 2,152,646 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of American Tower by 41.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock worth $1,243,333,000 after acquiring an additional 1,885,421 shares in the last quarter. Adelante Capital Management LLC lifted its stake in shares of American Tower by 2,723.4% during the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock worth $279,890,000 after purchasing an additional 1,160,890 shares during the last quarter. Pathway Financial Advisers LLC boosted its position in American Tower by 23,224.1% during the third quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock valued at $231,941,000 after purchasing an additional 993,061 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in American Tower by 22,242.7% in the third quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock valued at $1,811,330,000 after purchasing an additional 775,379 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on AMT. JPMorgan Chase & Co. boosted their price objective 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. 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 report on Wednesday, October 30th. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Barclays decreased their price objective on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating for the company in a research note on Monday. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, American Tower has an average rating of “Moderate Buy” and an average price target of $230.67.

American Tower Price Performance

NYSE:AMT traded up $2.72 during trading hours on Monday, reaching $176.18. 1,387,745 shares of the company were exchanged, compared to its average volume of 2,320,004. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock’s 50-day moving average is $194.98 and its 200-day moving average is $211.92. The firm has a market cap of $82.33 billion, a PE ratio of 74.34, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the business posted $2.58 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. On average, sell-side analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.68%. American Tower’s dividend payout ratio (DPR) is presently 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.