Covea Finance Lowers Holdings in American Tower Co. (NYSE:AMT)
Covea Finance lessened its stake in American Tower Co. (NYSE:AMT – Free Report) by 52.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,769 shares of the real estate investment trust’s stock after selling 59,637 shares during the quarter. Covea Finance’s holdings in American Tower were worth $9,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently modified their holdings of the company. Pinnacle Holdings LLC purchased a new position in American Tower in the 1st quarter worth about $29,000. Eagle Bay Advisors LLC purchased a new position in American Tower in the 2nd quarter worth about $30,000. VitalStone Financial LLC purchased a new position in American Tower in the 1st quarter worth about $38,000. MV Capital Management Inc. raised its position in American Tower by 75.3% in the 2nd quarter. MV Capital Management Inc. now owns 135 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 58 shares during the last quarter. Finally, Riverview Trust Co purchased a new position in American Tower in the 2nd quarter worth about $27,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.
American Tower Trading Up 0.5 %
American Tower stock opened at $212.19 on Friday. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $235.57. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 3.15. The firm has a market capitalization of $98.92 billion, a price-to-earnings ratio of 138.69, a P/E/G ratio of 1.80 and a beta of 0.68. The firm has a 50 day moving average of $186.57 and a 200 day moving average of $184.58.
American Tower Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Thursday, December 28th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.20%. This is an increase from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date of this dividend is Wednesday, December 27th. American Tower’s dividend payout ratio is presently 423.53%.
Analyst Ratings Changes
AMT has been the subject of a number of recent analyst reports. Scotiabank initiated coverage on American Tower in a research report on Friday, October 13th. They issued a “sector outperform” rating and a $208.00 target price for the company. JPMorgan Chase & Co. upped their price target on shares of American Tower from $218.00 to $236.00 and gave the company an “overweight” rating in a research report on Tuesday, November 7th. StockNews.com started coverage on shares of American Tower in a research report on Thursday, October 5th. They set a “hold” rating for the company. Wells Fargo & Company reduced their price target on shares of American Tower from $215.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday, October 17th. Finally, Morgan Stanley reduced their price target on shares of American Tower from $212.00 to $169.00 and set an “equal weight” rating for the company in a research report on Monday, October 16th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $226.93.
View Our Latest Research Report on American Tower
About American Tower (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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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Original: MarketBeat News Feed: Covea Finance Lowers Holdings in American Tower Co. (NYSE:AMT)