Glenmede Trust Co. NA Cuts Holdings in American Tower Co. (NYSE:AMT)

Glenmede Trust Co. NA lowered its stake in shares of American Tower Co. (NYSE:AMT) by 58.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 60,560 shares of the real estate investment trust’s stock after selling 86,579 shares during the quarter. Glenmede Trust Co. NA’s holdings in American Tower were worth $14,084,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. LRI Investments LLC bought a new position in shares of American Tower during the 1st quarter valued at about $99,000. Burney Co. grew its position in American Tower by 314.7% during the first quarter. Burney Co. now owns 24,556 shares of the real estate investment trust’s stock valued at $4,852,000 after acquiring an additional 18,635 shares during the last quarter. PGGM Investments purchased a new position in shares of American Tower during the first quarter worth approximately $220,000. Cetera Investment Advisers lifted its holdings in shares of American Tower by 344.2% in the 1st quarter. Cetera Investment Advisers now owns 111,449 shares of the real estate investment trust’s stock worth $22,021,000 after acquiring an additional 86,359 shares during the last quarter. Finally, Cetera Advisors LLC boosted its stake in shares of American Tower by 29.0% in the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock valued at $8,157,000 after purchasing an additional 9,275 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Trading Up 0.6 %

NYSE:AMT opened at $209.30 on Friday. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a 50-day moving average price of $216.48 and a 200-day moving average price of $212.12. The stock has a market cap of $97.80 billion, a price-to-earnings ratio of 88.31, a P/E/G ratio of 1.39 and a beta of 0.84.

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 for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the firm posted $2.58 earnings per share. The business’s revenue was down 10.5% compared to the same quarter last year. Equities analysts predict that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.10%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio is currently 273.42%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price 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. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Scotiabank reduced their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. BMO Capital Markets lowered their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their target price 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, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.54.

American Tower 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.