State of Alaska Department of Revenue Buys 3,515 Shares of American Tower Corporation (NYSE:AMT)

State of Alaska Department of Revenue raised its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 283,279 shares of the real estate investment trust's stock after purchasing an additional 3,515 shares during the period. American Tower accounts for approximately 0.7% of State of Alaska Department of Revenue's investment portfolio, making the stock its 19th biggest position. State of Alaska Department of Revenue owned approximately 0.06% of American Tower worth $61,639,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank bought a new position in American Tower during the fourth quarter worth $1,164,851,000. Cohen & Steers Inc. grew its holdings in American Tower by 21.8% during the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock worth $3,516,890,000 after acquiring an additional 3,437,602 shares during the period. Capital Research Global Investors raised its position in shares of American Tower by 66.5% in 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 acquiring an additional 3,421,413 shares in the last quarter. Capital World Investors lifted its stake in shares of American Tower by 160.6% in the 4th quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock valued at $902,396,000 after purchasing an additional 3,032,005 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after purchasing an additional 1,694,784 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AMT. JMP Securities lifted their target price on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. Barclays raised their price objective on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. UBS Group lifted their target price on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. Citigroup boosted their target price on American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Finally, Royal Bank Of Canada increased their price target on American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $240.25.

American Tower Stock Performance

Shares of AMT traded up $0.36 during mid-day trading on Thursday, hitting $215.50. The stock had a trading volume of 1,665,651 shares, compared to its average volume of 2,486,491. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The business has a fifty day moving average price of $215.57 and a 200-day moving average price of $203.31. The firm has a market cap of $100.88 billion, a P/E ratio of 55.40, a PEG ratio of 1.60 and a beta of 0.81.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.41 by $0.34. The business had revenue of $2.56 billion for 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 firm'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. On average, equities research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio (DPR) is currently 174.81%.

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.