1,938 Shares in American Tower Corporation (NYSE:AMT) Bought by Phillips Wealth Planners LLC

Phillips Wealth Planners LLC purchased a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,938 shares of the real estate investment trust's stock, valued at approximately $413,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Tyche Wealth Partners LLC grew its position in American Tower by 26.3% during the 1st quarter. Tyche Wealth Partners LLC now owns 1,808 shares of the real estate investment trust's stock worth $393,000 after purchasing an additional 377 shares during the last quarter. Alpine Bank Wealth Management purchased a new position in American Tower during the 1st quarter worth $157,000. Pinnacle Bancorp Inc. grew its position in American Tower by 245.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 3,231 shares of the real estate investment trust's stock worth $703,000 after purchasing an additional 2,297 shares during the last quarter. Golden State Wealth Management LLC grew its position in American Tower by 643.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,229 shares of the real estate investment trust's stock worth $485,000 after purchasing an additional 1,929 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in American Tower by 272.0% during the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock worth $247,390,000 after purchasing an additional 831,247 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Hsbc Global Res raised shares of American Tower to a "strong-buy" rating in a research report on Thursday, February 27th. Wells Fargo & Company raised their price objective 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. Raymond James Financial raised their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, April 30th. Citigroup lifted their target price on shares of American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. Finally, BMO Capital Markets lifted their target price on shares of American Tower from $210.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $240.25.

American Tower Stock Down 1.6%

AMT stock opened at $220.34 on Thursday. The company has a market cap of $103.15 billion, a P/E ratio of 56.64, a P/E/G ratio of 1.66 and a beta of 0.81. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company's 50-day moving average price is $215.90 and its 200 day moving average price is $203.66. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping analysts' consensus estimates of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm's revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.79 earnings per share. On average, research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio is currently 174.81%.

American Tower Company 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.

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