Cullinan Associates Inc. Has $3.77 Million Stock Position in American Tower Corporation (NYSE:AMT)

Cullinan Associates Inc. reduced its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 10.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,321 shares of the real estate investment trust's stock after selling 2,000 shares during the quarter. Cullinan Associates Inc.'s holdings in American Tower were worth $3,769,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Lowe Wealth Advisors LLC grew its stake in shares of American Tower by 218.0% during 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 in the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of American Tower during the 4th quarter worth approximately $29,000. Graney & King LLC bought a new position in shares of American Tower during the 4th quarter worth approximately $32,000. City Holding Co. bought a new position in shares of American Tower during the 1st quarter worth approximately $39,000. Finally, Global Wealth Strategies & Associates grew its stake in shares of American Tower by 193.5% during the 1st quarter. Global Wealth Strategies & Associates now owns 182 shares of the real estate investment trust's stock worth $40,000 after acquiring an additional 120 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Price Performance

American Tower stock traded up $4.23 during midday trading on Monday, reaching $221.71. The company's stock had a trading volume of 2,617,947 shares, compared to its average volume of 2,492,745. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. The business has a 50-day moving average price of $215.65 and a 200-day moving average price of $203.30. The stock has a market cap of $103.79 billion, a PE ratio of 57.00, a price-to-earnings-growth ratio of 1.61 and a beta of 0.81.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results 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. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.54 billion. During the same quarter in the previous year, the business posted $2.79 earnings per share. The business's revenue for the quarter was down 9.6% on a year-over-year basis. On average, sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Friday, June 13th. American Tower's payout ratio is 174.81%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AMT. Hsbc Global Res raised American Tower to a "strong-buy" rating in a report on Thursday, February 27th. Wells Fargo & Company increased their price objective on American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Citigroup increased their price objective on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. JMP Securities increased their price objective on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Finally, Barclays increased their price objective on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Two equities research 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 has a consensus rating of "Buy" and an average price target of $240.25.

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.