Algert Global LLC purchased a new stake in American Tower Co. (NYSE:AMT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 8,944 shares of the real estate investment trust's stock, valued at approximately $1,640,000.
Other large investors have also modified their holdings of the company. Fulton Bank N.A. increased its holdings in American Tower by 37.1% in the fourth quarter. Fulton Bank N.A. now owns 3,339 shares of the real estate investment trust's stock valued at $612,000 after buying an additional 904 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in American Tower by 17.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 702 shares of the real estate investment trust's stock valued at $129,000 after acquiring an additional 106 shares during the period. Jacobs & Co. CA increased its position in American Tower by 50.8% during the 4th quarter. Jacobs & Co. CA now owns 35,044 shares of the real estate investment trust's stock worth $6,427,000 after purchasing an additional 11,799 shares in the last quarter. Sugarloaf Wealth Management LLC grew its stake in American Tower by 14.3% during the fourth quarter. Sugarloaf Wealth Management LLC now owns 19,564 shares of the real estate investment trust's stock worth $3,588,000 after buying an additional 2,452 shares during the period. Finally, Atlas Brown Inc. increased its holdings in American Tower by 7.3% in the 4th quarter. Atlas Brown Inc. now owns 1,106 shares of the real estate investment trust's stock valued at $203,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.
Analysts Set New Price Targets
A number of research firms have recently commented on AMT. Wells Fargo & Company boosted their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. JMP Securities boosted their price target on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. UBS Group upped their price objective on American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, April 30th. Raymond James raised their price target on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Citigroup lifted their price objective on shares of American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $239.27.
Check Out Our Latest Report on AMT
American Tower Stock Up 2.4%
Shares of American Tower stock traded up $4.97 on Thursday, hitting $209.47. 860,862 shares of the company traded hands, compared to its average volume of 2,501,483. The company has a market cap of $98.06 billion, a PE ratio of 88.65, a PEG ratio of 1.29 and a beta of 0.86. American Tower Co. has a 12-month low of $172.51 and a 12-month high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a 50-day moving average price of $214.91 and a 200 day moving average price of $201.70.
American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. During the same quarter in the previous year, the firm earned $2.79 EPS. The firm's revenue was down 9.6% compared to the same quarter last year. Sell-side analysts predict that American Tower Co. will post 10.14 earnings per share for the current year.
American Tower Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, April 11th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend was Friday, April 11th. This is a positive change from American Tower's previous quarterly dividend of $1.62. American Tower's payout ratio is 174.81%.
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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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