Adell Harriman & Carpenter Inc. Trims Position in American Tower Corporation (NYSE:AMT)

Adell Harriman & Carpenter Inc. decreased its position in American Tower Corporation (NYSE:AMT - Free Report) by 8.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,288 shares of the real estate investment trust's stock after selling 3,092 shares during the quarter. Adell Harriman & Carpenter Inc.'s holdings in American Tower were worth $7,679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Partners Group Holding AG increased its stake in shares of American Tower by 8.3% during the fourth quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust's stock valued at $69,438,000 after buying an additional 28,988 shares during the period. Aviva PLC boosted its stake in shares of American Tower by 13.4% during the 4th quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust's stock valued at $71,252,000 after purchasing an additional 46,009 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of American Tower during the 4th quarter valued at about $193,246,000. Pacific Heights Asset Management LLC boosted its stake in shares of American Tower by 75.0% during the 4th quarter. Pacific Heights Asset Management LLC now owns 70,000 shares of the real estate investment trust's stock valued at $12,839,000 after purchasing an additional 30,000 shares in the last quarter. Finally, Shum Financial Group Inc. boosted its stake in shares of American Tower by 3.5% during the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after purchasing an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Up 0.3%

Shares of NYSE AMT traded up $0.62 during midday trading on Tuesday, hitting $220.64. The stock had a trading volume of 2,022,587 shares, compared to its average volume of 2,714,740. The company has a market cap of $103.29 billion, a P/E ratio of 56.72, a PEG ratio of 1.65 and a beta of 0.82. The business's 50 day moving average is $216.64 and its 200-day moving average is $205.32. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a quick ratio of 0.81, a current 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 results 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. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period last year, the firm earned $2.79 earnings per share. The company's quarterly revenue was down 9.6% on a year-over-year basis. As a group, analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.08%. American Tower's dividend payout ratio (DPR) is presently 174.81%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AMT. Morgan Stanley began coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price on the stock. JMP Securities lifted their target price on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research note on Wednesday, April 30th. Wells Fargo & Company lifted their target price on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Raymond James Financial lifted their target price 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, Royal Bank Of Canada boosted their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $240.88.

About American Tower

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.