Adell Harriman & Carpenter Inc. Has $7.68 Million Stock Holdings in American Tower Corporation (NYSE:AMT)

Adell Harriman & Carpenter Inc. lessened its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 8.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,288 shares of the real estate investment trust's stock after selling 3,092 shares during the period. Adell Harriman & Carpenter Inc.'s holdings in American Tower were worth $7,679,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. North Capital Inc. acquired a new stake in shares of American Tower during the 1st quarter worth about $25,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of American Tower during the first quarter worth approximately $31,000. Lowe Wealth Advisors LLC increased its holdings in shares of American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of American Tower during the fourth quarter worth approximately $29,000. Finally, Graney & King LLC acquired a new stake in American Tower during the 4th quarter valued at $32,000. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Stock Down 0.9%

NYSE AMT traded down $2.00 on Monday, reaching $219.75. The company had a trading volume of 1,893,935 shares, compared to its average volume of 2,505,259. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $102.87 billion, a price-to-earnings ratio of 56.49, a price-to-earnings-growth ratio of 1.65 and a beta of 0.82. The company's fifty day moving average is $216.46 and its 200-day moving average is $205.07. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56.

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

American Tower Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 3.09%. The ex-dividend date is Friday, June 13th. American Tower's payout ratio is 174.81%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AMT shares. Citigroup raised their target price on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Wells Fargo & Company raised their price target on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Morgan Stanley assumed coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price target for the company. Raymond James Financial lifted their target price on 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, Barclays lifted their target price on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price 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.