FourThought Financial Partners LLC Has $26.80 Million Stake in American Tower Corporation (NYSE:AMT)

Key Points

• FourThought Financial Partners LLC increased its stake in American Tower Corporation by 8.6% during the first quarter, making it the firm’s third largest holding valued at approximately $26.8 million.
• Several analysts have raised their price targets for American Tower, with new targets ranging from $240 to $260, reflecting strong buy ratings from multiple research firms.
• The company reported an earnings per share (EPS) of $2.75 for the last quarter, exceeding expectations and demonstrating a 17.34% net margin, despite a 9.6% year-over-year decline in revenue.

FourThought Financial Partners LLC raised its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 8.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 123,179 shares of the real estate investment trust's stock after acquiring an additional 9,799 shares during the quarter. American Tower makes up 2.8% of FourThought Financial Partners LLC's holdings, making the stock its 3rd largest holding. FourThought Financial Partners LLC's holdings in American Tower were worth $26,804,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Cohen & Steers Inc. boosted its stake in American Tower by 21.8% during the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock worth $3,516,890,000 after buying an additional 3,437,602 shares during the last quarter. Geode Capital Management LLC raised its stake in American Tower by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust's stock valued at $2,074,956,000 after acquiring an additional 129,192 shares during the last quarter. FMR LLC raised its stake in shares of American Tower by 5.0% during the 4th quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust's stock worth $2,050,390,000 after buying an additional 537,136 shares in the last quarter. Capital Research Global Investors raised its stake in shares of American Tower by 66.5% during the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock worth $1,570,547,000 after buying an additional 3,421,413 shares in the last quarter. Finally, Norges Bank purchased a new position in American Tower in the 4th quarter valued at approximately $1,164,851,000. Institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

NYSE AMT traded down $4.25 during trading hours on Wednesday, hitting $210.46. 1,603,827 shares of the company's stock traded hands, compared to its average volume of 2,613,790. The business's fifty day moving average price is $218.87 and its two-hundred day moving average price is $209.88. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. The firm has a market capitalization of $98.53 billion, a P/E ratio of 54.04, a P/E/G ratio of 1.24 and a beta of 0.82. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company's revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.79 earnings per share. Equities research analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a $1.70 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.23%. American Tower's payout ratio is currently 174.81%.

Analysts Set New Price Targets

AMT has been the topic of a number of research analyst reports. Raymond James Financial reduced their target price on American Tower from $251.00 to $250.00 and set a "strong-buy" rating on the stock in a report on Wednesday. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a report on Tuesday. JMP Securities boosted their price target on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. 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 price target for the company. Finally, BMO Capital Markets dropped their price target on shares of American Tower from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Wednesday. Three equities research 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $243.00.

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.