American Tower Corporation (NYSE:AMT) Shares Acquired by Firetrail Investments PTY Ltd.

Key Points

• Firetrail Investments PTY Ltd. has increased its position in American Tower Corporation by 3.5%, owning a total of 64,887 shares valued at approximately $14.27 million.
• American Tower reported an earnings-per-share (EPS) of $2.75 for the last quarter, exceeding estimates by $0.34, despite a 9.6% decline in revenue compared to the previous year.
• The company recently announced a quarterly dividend of $1.70, resulting in an annualized yield of 2.94%, although its payout ratio stands at 174.81%.

Firetrail Investments PTY Ltd. increased its position in American Tower Corporation (NYSE:AMT - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,887 shares of the real estate investment trust's stock after acquiring an additional 2,204 shares during the period. American Tower makes up 4.2% of Firetrail Investments PTY Ltd.'s portfolio, making the stock its 11th biggest position. Firetrail Investments PTY Ltd.'s holdings in American Tower were worth $14,272,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of AMT. North Capital Inc. acquired a new stake in shares of American Tower in the 1st quarter worth approximately $25,000. Minot DeBlois Advisors LLC acquired a new stake in shares of American Tower in the 4th quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of American Tower in the 1st quarter worth approximately $31,000. Graney & King LLC acquired a new stake in shares of American Tower in the 4th quarter worth approximately $32,000. Finally, Lowe Wealth Advisors LLC lifted its stake in shares of 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 during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Stock Up 0.5%

American Tower stock opened at $231.30 on Friday. The firm has a market cap of $108.28 billion, a PE ratio of 59.46, a P/E/G ratio of 1.27 and a beta of 0.82. 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's 50 day moving average price is $218.37 and its two-hundred day moving average price is $208.71. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56.

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, topping the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.79 earnings per share. On average, research analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's dividend payout ratio is 174.81%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AMT. JMP Securities upped their price target on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Raymond James Financial lifted their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, April 30th. Wells Fargo & Company lifted their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. UBS Group lifted their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, Scotiabank lifted their price objective on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has an average rating of "Buy" and a consensus price target of $242.31.

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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