Jennison Associates LLC Boosts Stock Holdings in American Tower Co. (NYSE:AMT)

Jennison Associates LLC grew its stake in shares of American Tower Co. (NYSE:AMT) by 1.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 45,720 shares of the real estate investment trust’s stock after buying an additional 687 shares during the quarter. Jennison Associates LLC’s holdings in American Tower were worth $10,633,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Commerce Bank grew its position in American Tower by 1.4% during the third quarter. Commerce Bank now owns 18,168 shares of the real estate investment trust’s stock valued at $4,225,000 after acquiring an additional 245 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of American Tower in the 3rd quarter valued at about $115,000. Premier Fund Managers Ltd grew its holdings in shares of American Tower by 21.2% during the 3rd quarter. Premier Fund Managers Ltd now owns 107,101 shares of the real estate investment trust’s stock worth $24,661,000 after purchasing an additional 18,753 shares during the period. West Family Investments Inc. increased its position in American Tower by 16.1% during the 3rd quarter. West Family Investments Inc. now owns 1,381 shares of the real estate investment trust’s stock worth $321,000 after purchasing an additional 191 shares in the last quarter. Finally, Horan Capital Advisors LLC. purchased a new position in American Tower in the third quarter valued at approximately $220,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AMT shares. BMO Capital Markets dropped their price objective on shares of American Tower from $255.00 to $245.00 and set an “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 report on Thursday, August 15th. Scotiabank reduced their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, October 30th. Mizuho increased their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Finally, TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average price target of $235.54.

American Tower Stock Up 0.7 %

Shares of NYSE:AMT opened at $204.32 on Friday. The firm has a market cap of $95.48 billion, a PE ratio of 86.21, a price-to-earnings-growth ratio of 1.34 and a beta of 0.84. The company has a fifty day simple moving average of $218.75 and a 200 day simple moving average of $211.42. 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 12-month low of $170.46 and a 12-month high of $243.56.

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

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were issued 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 dividend yield of 3.17%. American Tower’s dividend payout ratio (DPR) is 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.