Everence Capital Management Inc. Sells 5,790 Shares of American Tower Co. (NYSE:AMT)

Everence Capital Management Inc. reduced its position in American Tower Co. (NYSE:AMT) by 51.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,412 shares of the real estate investment trust’s stock after selling 5,790 shares during the period. Everence Capital Management Inc.’s holdings in American Tower were worth $993,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC raised its stake in shares of American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC purchased a new stake in American Tower in the 2nd quarter valued at $27,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the 3rd quarter valued at $30,000. Hara Capital LLC purchased a new position in American Tower during the 3rd quarter worth $31,000. Finally, Legacy Investment Solutions LLC bought a new stake in shares of American Tower in the 3rd quarter worth $34,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 0.8 %

Shares of AMT opened at $182.56 on Friday. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The business has a 50-day moving average of $198.67 and a 200 day moving average of $212.22. The firm has a market cap of $85.31 billion, a P/E ratio of 77.03, a price-to-earnings-growth ratio of 1.31 and a beta of 0.83. 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 (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 the consensus estimate of $2.45 by ($1.56). The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.58 EPS. As a group, research analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be given a dividend of $1.62 per share. The ex-dividend date is Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.55%. American Tower’s dividend payout ratio is currently 273.42%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AMT shares. BMO Capital Markets dropped their price target 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 target price for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. JPMorgan Chase & Co. upped their target price on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. The Goldman Sachs Group dropped their price target on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Scotiabank decreased their target price 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. 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, the company has an average rating of “Moderate Buy” and a consensus target price of $235.08.

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.