Grassi Investment Management Lowers Stock Position in American Tower Co. (NYSE:AMT)

Grassi Investment Management trimmed its position in American Tower Co. (NYSE:AMT) by 4.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,892 shares of the real estate investment trust’s stock after selling 2,525 shares during the quarter. Grassi Investment Management’s holdings in American Tower were worth $9,334,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC increased 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 in the last quarter. Fairscale Capital LLC bought a new position in American Tower in the 2nd quarter worth $27,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the 3rd quarter worth $30,000. Hara Capital LLC bought a new stake in American Tower during the third quarter valued at about $31,000. Finally, Legacy Investment Solutions LLC purchased a new position in American Tower in the 3rd quarter worth approximately $34,000. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 1.6 %

Shares of NYSE:AMT traded up $2.72 during trading hours on Monday, hitting $176.18. 1,387,745 shares of the company’s stock traded hands, compared to its average volume of 2,320,004. The firm has a market capitalization of $82.33 billion, a P/E ratio of 74.34, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. The business has a fifty day moving average price of $194.98 and a 200-day moving average price of $211.92. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT) last posted its quarterly earnings data 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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the firm earned $2.58 EPS. American Tower’s revenue was down 10.5% compared to the same quarter last year. Equities analysts expect that American Tower Co. will post 10.08 earnings per share 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 paid a $1.62 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.68%. American Tower’s dividend payout ratio is currently 273.42%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. BMO Capital Markets reduced their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. The Goldman Sachs Group decreased their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JPMorgan Chase & Co. boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, Scotiabank lowered their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus price target of $230.67.

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.