Baron Wealth Management LLC Buys 249 Shares of American Tower Co. (NYSE:AMT)

Baron Wealth Management LLC boosted its stake in American Tower Co. (NYSE:AMT) by 19.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,561 shares of the real estate investment trust’s stock after acquiring an additional 249 shares during the period. Baron Wealth Management LLC’s holdings in American Tower were worth $363,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Balentine LLC bought a new position in shares of American Tower in the 3rd quarter worth $586,000. Czech National Bank lifted its holdings in shares of American Tower by 6.9% in the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after purchasing an additional 6,163 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of American Tower by 27.7% in the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock worth $4,029,000 after purchasing an additional 4,430 shares in the last quarter. Cetera Advisors LLC lifted its holdings in shares of American Tower by 29.0% in the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock worth $8,157,000 after purchasing an additional 9,275 shares in the last quarter. Finally, Savvy Advisors Inc. lifted its holdings in shares of 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 worth $1,038,000 after purchasing an additional 3,251 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of NYSE AMT opened at $198.84 on Tuesday. The stock has a market cap of $92.92 billion, a price-to-earnings ratio of 83.90, a P/E/G ratio of 1.31 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The stock’s 50-day moving average is $221.71 and its 200 day moving average is $211.24.

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

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.26%. American Tower’s dividend payout ratio (DPR) is currently 273.42%.

Analyst Ratings Changes

A number of brokerages recently issued reports on AMT. BMO Capital Markets cut their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Scotiabank lowered their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday, October 30th. Royal Bank of Canada increased their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft raised 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. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $235.54.

American Tower Company 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.