Impax Asset Management Group plc Has $7.89 Million Position in American Tower Co. (NYSE:AMT)

Impax Asset Management Group plc boosted its position in American Tower Co. (NYSE:AMT) by 68.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,925 shares of the real estate investment trust’s stock after purchasing an additional 13,834 shares during the period. Impax Asset Management Group plc’s holdings in American Tower were worth $7,890,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of AMT. Orion Portfolio Solutions LLC increased its holdings in American Tower by 24.5% in the 1st quarter. Orion Portfolio Solutions LLC now owns 17,199 shares of the real estate investment trust’s stock worth $3,398,000 after purchasing an additional 3,381 shares in the last quarter. First Foundation Advisors increased its stake in shares of American Tower by 34.2% in the first quarter. First Foundation Advisors now owns 1,080 shares of the real estate investment trust’s stock valued at $213,000 after buying an additional 275 shares during the period. Intech Investment Management LLC increased its stake in shares of American Tower by 17.7% in the first quarter. Intech Investment Management LLC now owns 5,520 shares of the real estate investment trust’s stock valued at $1,091,000 after buying an additional 831 shares during the period. Strait & Sound Wealth Management LLC increased its stake in shares of American Tower by 8.2% in the first quarter. Strait & Sound Wealth Management LLC now owns 1,324 shares of the real estate investment trust’s stock valued at $262,000 after buying an additional 100 shares during the period. Finally, Edgestream Partners L.P. increased its stake in shares of American Tower by 110.4% in the first quarter. Edgestream Partners L.P. now owns 2,321 shares of the real estate investment trust’s stock valued at $459,000 after buying an additional 1,218 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on AMT shares. Royal Bank of Canada upped their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. BMO Capital Markets cut their target price 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 lowered American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Mizuho increased their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Finally, JPMorgan Chase & Co. increased their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $235.85.

American Tower Stock Performance

Shares of AMT opened at $196.45 on Friday. 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 market capitalization of $91.80 billion, a price-to-earnings ratio of 82.89, a PEG ratio of 1.30 and a beta of 0.84. The stock has a 50 day moving average of $223.30 and a 200 day moving average of $210.44. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last released its 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). The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.58 earnings per share. As a group, sell-side analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.30%. American Tower’s payout ratio is presently 273.42%.

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.