Citigroup Inc. Reduces Stock Position in American Tower Co. (NYSE:AMT)

Citigroup Inc. trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 38.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 620,978 shares of the real estate investment trust’s stock after selling 390,601 shares during the quarter. Citigroup Inc. owned 0.13% of American Tower worth $144,415,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AMT. Raymond James Trust N.A. increased its stake in American Tower by 10.3% during the third quarter. Raymond James Trust N.A. now owns 14,107 shares of the real estate investment trust’s stock worth $3,281,000 after acquiring an additional 1,315 shares during the last quarter. First County Bank CT boosted its holdings in shares of American Tower by 7.0% in the 3rd quarter. First County Bank CT now owns 1,516 shares of the real estate investment trust’s stock worth $353,000 after purchasing an additional 99 shares during the period. Activest Wealth Management increased its position in shares of American Tower by 431.0% during the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 125 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in American Tower by 4.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock valued at $1,211,397,000 after buying an additional 243,061 shares during the period. Finally, Banco Santander S.A. raised its holdings in American Tower by 131.0% during the 3rd quarter. Banco Santander S.A. now owns 53,638 shares of the real estate investment trust’s stock valued at $12,474,000 after buying an additional 30,419 shares during the period. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of a number of analyst reports. BMO Capital Markets cut their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Wells Fargo & Company cut 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, Mizuho increased their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.54.

American Tower Trading Up 0.7 %

Shares of NYSE:AMT opened at $204.32 on Friday. 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 company has a market capitalization of $95.48 billion, a PE ratio of 86.21, a P/E/G ratio of 1.35 and a beta of 0.84. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The business’s fifty day simple moving average is $218.75 and its 200-day simple moving average is $211.42.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the firm posted $2.58 earnings per share. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities research analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 3.17%. American Tower’s dividend payout ratio (DPR) is 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.