Red Door Wealth Management LLC Buys 3,014 Shares of American Tower Corporation (NYSE:AMT)

Red Door Wealth Management LLC increased its position in American Tower Corporation (NYSE:AMT - Free Report) by 16.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,806 shares of the real estate investment trust's stock after purchasing an additional 3,014 shares during the quarter. Red Door Wealth Management LLC's holdings in American Tower were worth $4,745,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Minot DeBlois Advisors LLC bought a new position in shares of American Tower during the 4th quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in American Tower during the first quarter worth about $31,000. Graney & King LLC acquired a new stake in American Tower during the fourth quarter valued at approximately $32,000. Lowe Wealth Advisors LLC grew 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 valued at $35,000 after purchasing an additional 109 shares during the period. Finally, Crowley Wealth Management Inc. acquired a new position in shares of American Tower in the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on AMT. Bank of America assumed coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. Royal Bank Of Canada increased their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Barclays lifted their price target on shares of American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Scotiabank upped 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. Finally, UBS Group lifted their target price on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $240.25.

American Tower Trading Up 1.5%

Shares of AMT stock traded up $3.17 on Monday, reaching $220.95. 2,071,770 shares of the stock were exchanged, compared to its average volume of 2,497,410. 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 stock has a market cap of $103.44 billion, a PE ratio of 56.80, a P/E/G ratio of 1.62 and a beta of 0.82. The stock has a 50 day moving average price of $215.69 and a 200 day moving average price of $203.92.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The company's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.79 EPS. Equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.08%. American Tower's dividend payout ratio is currently 174.81%.

American Tower Company 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.