Everence Capital Management Inc. Has $993,000 Stock Holdings in American Tower Co. (NYSE:AMT)

Everence Capital Management Inc. lowered its holdings in shares of American Tower Co. (NYSE:AMT) by 51.7% in the fourth quarter, according to its most recent 13F filing with the SEC. 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 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fortitude Family Office LLC lifted its holdings 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 acquiring an additional 78 shares during the last quarter. Fairscale Capital LLC bought a new position in American Tower in the 2nd quarter valued at approximately $27,000. Northwest Investment Counselors LLC acquired a new stake in American Tower in the third quarter valued at approximately $30,000. Hara Capital LLC bought a new stake in shares of American Tower during the third quarter worth $31,000. Finally, Legacy Investment Solutions LLC acquired a new position in shares of American Tower during the third quarter worth $34,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Up 0.8 %

Shares of NYSE:AMT opened at $182.56 on Friday. The business’s 50-day moving average is $198.67 and its 200-day moving average is $212.22. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a market capitalization of $85.31 billion, a price-to-earnings ratio of 77.03, a P/E/G ratio of 1.31 and a beta of 0.83. 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 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). 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 for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the company posted $2.58 earnings per share. American Tower’s quarterly revenue was down 10.5% on a year-over-year basis. Equities research analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend 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 equities research analysts recently weighed in on AMT shares. BMO Capital Markets reduced their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Mizuho raised their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Scotiabank reduced their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.