Alta Capital Management LLC increased its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 9.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,379 shares of the real estate investment trust's stock after acquiring an additional 1,941 shares during the quarter. Alta Capital Management LLC's holdings in American Tower were worth $4,870,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in AMT. Brighton Jones LLC grew its holdings in shares of American Tower by 113.0% during the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after buying an additional 2,104 shares in the last quarter. Venturi Wealth Management LLC grew its stake in American Tower by 108.0% during the 4th quarter. Venturi Wealth Management LLC now owns 337 shares of the real estate investment trust's stock valued at $62,000 after acquiring an additional 175 shares in the last quarter. Kestra Investment Management LLC acquired a new position in shares of American Tower in the 4th quarter valued at about $48,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of American Tower in the fourth quarter worth approximately $233,000. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of American Tower during the fourth quarter worth approximately $46,000. Hedge funds and other institutional investors own 92.69% of the company's stock.
American Tower Stock Performance
Shares of AMT opened at $215.50 on Friday. The company has a market capitalization of $100.88 billion, a PE ratio of 55.40, a price-to-earnings-growth ratio of 1.60 and a beta of 0.81. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The company's fifty day moving average price is $215.57 and its 200 day moving average price is $203.31.
American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm's revenue was down 9.6% compared to the same quarter last year. During the same period last year, the business posted $2.79 earnings per share. As a group, analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.
American Tower Announces Dividend
The business 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 is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.16%. American Tower's dividend payout ratio is currently 174.81%.
Analyst Ratings Changes
A number of research firms have issued reports on AMT. Wells Fargo & Company increased 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. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. UBS Group boosted their target price on American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. BMO Capital Markets raised their price target on American Tower from $210.00 to $220.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Finally, Morgan Stanley initiated coverage on American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target for the company. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $240.25.
Get Our Latest Research Report on American Tower
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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