Alpha Cubed Investments LLC Grows Stock Holdings in American Tower Corporation (NYSE:AMT)

Alpha Cubed Investments LLC boosted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 64.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 199,629 shares of the real estate investment trust's stock after buying an additional 78,536 shares during the quarter. American Tower makes up approximately 1.9% of Alpha Cubed Investments LLC's portfolio, making the stock its 17th largest holding. Alpha Cubed Investments LLC's holdings in American Tower were worth $43,439,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Crossmark Global Holdings Inc. lifted its stake in shares of American Tower by 10.6% in the first quarter. Crossmark Global Holdings Inc. now owns 63,031 shares of the real estate investment trust's stock worth $13,716,000 after buying an additional 6,025 shares in the last quarter. Callan Capital LLC purchased a new position in American Tower in the 1st quarter worth approximately $232,000. Envestnet Asset Management Inc. lifted its stake in American Tower by 3.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 759,877 shares of the real estate investment trust's stock worth $165,349,000 after purchasing an additional 23,407 shares in the last quarter. Simmons Bank lifted its stake in American Tower by 0.4% in the 1st quarter. Simmons Bank now owns 14,700 shares of the real estate investment trust's stock worth $3,199,000 after purchasing an additional 62 shares in the last quarter. Finally, HM Payson & Co. lifted its stake in American Tower by 0.6% in the 1st quarter. HM Payson & Co. now owns 33,911 shares of the real estate investment trust's stock worth $7,379,000 after purchasing an additional 200 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Down 0.3%

NYSE AMT traded down $0.70 on Thursday, reaching $221.13. The stock had a trading volume of 1,459,191 shares, compared to its average volume of 2,503,683. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. The firm has a market capitalization of $103.52 billion, a price-to-earnings ratio of 56.85, a P/E/G ratio of 1.64 and a beta of 0.82. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The stock has a fifty day moving average price of $216.55 and a two-hundred day moving average price of $205.54.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results 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. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the prior year, the firm earned $2.79 EPS. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. As a group, sell-side analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

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

Analyst Ratings Changes

AMT has been the topic of a number of analyst reports. JMP Securities lifted their price objective on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Morgan Stanley started coverage on American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target on the stock. Royal Bank Of Canada lifted their price target on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Barclays lifted their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Finally, Raymond James Financial lifted their target price 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. Two investment 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 presently has an average rating of "Buy" and an average target price of $240.88.

About American Tower

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.