Jennison Associates LLC Raises Position in American Tower Corporation (NYSE:AMT)

Jennison Associates LLC lifted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 23.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 52,694 shares of the real estate investment trust's stock after purchasing an additional 9,932 shares during the period. Jennison Associates LLC's holdings in American Tower were worth $11,466,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after buying an additional 2,104 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of American Tower during the fourth quarter worth about $235,000. Millstone Evans Group LLC acquired a new stake in shares of American Tower during the fourth quarter worth about $129,000. Quantbot Technologies LP increased its position in shares of American Tower by 129.4% during the fourth quarter. Quantbot Technologies LP now owns 18,182 shares of the real estate investment trust's stock worth $3,335,000 after purchasing an additional 10,256 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of American Tower during the fourth quarter worth about $1,767,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Price Performance

Shares of NYSE:AMT traded up $1.63 during trading on Monday, hitting $226.40. 1,458,773 shares of the stock were exchanged, compared to its average volume of 2,503,151. The company has a fifty day moving average price of $216.53 and a two-hundred day moving average price of $207.73. The company has a market cap of $105.99 billion, a PE ratio of 58.20, a P/E/G ratio of 1.25 and a beta of 0.82. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly 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. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the company earned $2.79 EPS. The company's quarterly revenue was down 9.6% on a year-over-year basis. On average, analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 13th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Friday, June 13th. American Tower's payout ratio is currently 174.81%.

Analysts Set New Price Targets

A number of analysts have recently commented on AMT shares. Morgan Stanley started coverage on American Tower in a research report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price on the stock. JMP Securities boosted their price target on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research report on Wednesday, April 30th. Raymond James Financial boosted their price target on American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research report on Wednesday, April 30th. Bank of America started 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. Finally, UBS Group boosted their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. 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. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $240.88.

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.