Horan Capital Advisors LLC. Purchases New Holdings in American Tower Co. (NYSE:AMT)

Horan Capital Advisors LLC. acquired a new position in shares of American Tower Co. (NYSE:AMT) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 944 shares of the real estate investment trust’s stock, valued at approximately $220,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fortitude Family Office LLC lifted its holdings in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC purchased a new position in American Tower during the 2nd quarter worth $27,000. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the 3rd quarter worth $30,000. Cultivar Capital Inc. purchased a new stake in shares of American Tower in the second quarter valued at about $25,000. Finally, Hara Capital LLC acquired a new position in shares of American Tower during the third quarter worth about $31,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMT has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Royal Bank of Canada upped their price objective on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. BMO Capital Markets cut 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. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, Mizuho increased their price target 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. Four 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $235.54.

American Tower Stock Performance

American Tower stock opened at $198.84 on Tuesday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The stock has a fifty day moving average of $221.71 and a two-hundred day moving average of $211.24. The company has a market capitalization of $92.92 billion, a price-to-earnings ratio of 83.90, a PEG ratio of 1.31 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its 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). The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.58 EPS. On average, analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

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 was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.26%. American Tower’s payout ratio is currently 273.42%.

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.