International Assets Investment Management LLC Sells 775,656 Shares of American Tower Co. (NYSE:AMT)

International Assets Investment Management LLC reduced its position in shares of American Tower Co. (NYSE:AMT) by 99.6% in the fourth quarter, HoldingsChannel reports. The firm owned 3,209 shares of the real estate investment trust’s stock after selling 775,656 shares during the quarter. International Assets Investment Management LLC’s holdings in American Tower were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Acadian Asset Management LLC grew its position in shares of American Tower by 1,791.9% during the 2nd quarter. Acadian Asset Management LLC now owns 12,316 shares of the real estate investment trust’s stock valued at $2,392,000 after acquiring an additional 11,665 shares during the period. Headlands Technologies LLC bought a new stake in American Tower during the second quarter valued at about $144,000. LPL Financial LLC increased its position in American Tower by 1.5% in the second quarter. LPL Financial LLC now owns 340,456 shares of the real estate investment trust’s stock worth $66,178,000 after buying an additional 4,941 shares in the last quarter. American Century Companies Inc. raised its stake in shares of American Tower by 4.9% in the second quarter. American Century Companies Inc. now owns 1,094,625 shares of the real estate investment trust’s stock worth $212,773,000 after buying an additional 51,167 shares during the period. Finally, Y.D. More Investments Ltd lifted its position in shares of American Tower by 15.9% during the 2nd quarter. Y.D. More Investments Ltd now owns 445 shares of the real estate investment trust’s stock valued at $86,000 after buying an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the topic of a number of recent analyst reports. BMO Capital Markets decreased their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. The Goldman Sachs Group cut their price target on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Scotiabank dropped their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their target price on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and an average price target of $233.67.

American Tower Trading Down 3.2 %

Shares of AMT opened at $173.54 on Friday. The stock has a market capitalization of $81.09 billion, a PE ratio of 73.22, a P/E/G ratio of 1.31 and a beta of 0.84. The company’s fifty day moving average is $194.98 and its 200 day moving average is $211.65. 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 fifty-two week low of $170.46 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last posted its earnings results 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 return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. The business’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 earnings per share. Sell-side analysts expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio (DPR) is 273.42%.

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.