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

by · The Cerbat Gem

Jennison Associates LLC raised its holdings in American Tower Co. (NYSE:AMT – Free Report) by 1.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,720 shares of the real estate investment trust’s stock after purchasing an additional 687 shares during the quarter. Jennison Associates LLC’s holdings in American Tower were worth $10,633,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of AMT. Ameriprise Financial Inc. grew its holdings in American Tower by 41.8% during the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock worth $1,243,333,000 after acquiring an additional 1,885,421 shares during the period. Clearbridge Investments LLC grew its stake in shares of American Tower by 8.9% during the 2nd quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock worth $720,206,000 after purchasing an additional 302,676 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of American Tower by 16.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock valued at $643,571,000 after purchasing an additional 464,429 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of American Tower by 4.7% in the second quarter. Canada Pension Plan Investment Board now owns 1,536,255 shares of the real estate investment trust’s stock valued at $298,617,000 after purchasing an additional 69,300 shares during the period. Finally, ClearBridge Investments Ltd boosted its holdings in American Tower by 6.2% during the second quarter. ClearBridge Investments Ltd now owns 1,442,759 shares of the real estate investment trust’s stock worth $280,443,000 after buying an additional 84,180 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of NYSE AMT opened at $204.32 on Friday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company 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 50-day simple moving average of $218.75 and a 200-day simple moving average of $211.42. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT – Get Free Report) last issued its quarterly 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). 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 during the quarter, compared to analyst estimates of $2.77 billion. During the same quarter last year, the firm posted $2.58 earnings per share. The company’s revenue was down 10.5% on a year-over-year basis. On average, equities analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.17%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Scotiabank reduced 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 research report on Wednesday, October 30th. BMO Capital Markets reduced their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Mizuho upped their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. TD Cowen lifted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada boosted their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and a consensus price target of $235.54.

View Our Latest Research Report on AMT

American Tower Profile

(Free Report)

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.

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