Adams Diversified Equity Fund Inc. Raises Stock Position in American Tower Corporation (NYSE:AMT)

Adams Diversified Equity Fund Inc. increased its stake in American Tower Corporation (NYSE:AMT - Free Report) by 35.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 91,200 shares of the real estate investment trust's stock after acquiring an additional 23,800 shares during the quarter. Adams Diversified Equity Fund Inc.'s holdings in American Tower were worth $19,845,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. purchased a new stake in American Tower in the 1st quarter worth $31,000. Lowe Wealth Advisors LLC increased its holdings in American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 109 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in American Tower in the 4th quarter worth $29,000. Graney & King LLC purchased a new stake in American Tower in the 4th quarter worth $32,000. Finally, City Holding Co. purchased a new stake in American Tower in the 1st quarter worth $39,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Trading Up 1.1%

Shares of AMT opened at $224.07 on Wednesday. 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 Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The firm has a 50-day moving average price of $215.86 and a 200 day moving average price of $203.55. The firm has a market capitalization of $104.90 billion, a P/E ratio of 57.60, a P/E/G ratio of 1.64 and a beta of 0.81.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating analysts' consensus estimates of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.54 billion. During the same quarter in the prior year, the company posted $2.79 earnings per share. American Tower's revenue for the quarter was down 9.6% compared to the same quarter last year. Sell-side analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be given a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.03%. American Tower's payout ratio is currently 174.81%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AMT shares. BMO Capital Markets upped their target price on shares of American Tower from $210.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. Morgan Stanley started coverage on shares of American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price for the company. Barclays upped their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Bank of America started coverage on shares of American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 target price for the company. Finally, UBS Group upped their target price on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $240.25.

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.

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