Allworth Financial LP Boosts Position in American Tower Corporation (NYSE:AMT)

Allworth Financial LP boosted its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,926 shares of the real estate investment trust's stock after purchasing an additional 4,284 shares during the period. Allworth Financial LP's holdings in American Tower were worth $8,210,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Elmwood Wealth Management Inc. boosted its position in American Tower by 2.5% during the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock worth $454,000 after purchasing an additional 50 shares during the period. 4J Wealth Management LLC lifted its position in shares of American Tower by 4.0% during the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock worth $283,000 after acquiring an additional 50 shares in the last quarter. Glenview Trust co boosted its holdings in shares of American Tower by 0.8% in the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust's stock worth $1,294,000 after acquiring an additional 54 shares during the period. CreativeOne Wealth LLC raised its stake in shares of American Tower by 2.1% during the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock valued at $477,000 after purchasing an additional 54 shares during the period. Finally, Fortitude Advisory Group L.L.C. lifted its holdings in American Tower by 2.9% during the 1st quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock worth $416,000 after purchasing an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMT. Barclays lifted their target price on 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 target price on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. UBS Group increased their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday. JMP Securities upped their price target on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. Finally, Bank of America started coverage on American Tower in a research note on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, American Tower currently has an average rating of "Buy" and a consensus price target of $240.88.

American Tower Trading Down 0.9%

Shares of American Tower stock traded down $1.96 during trading on Friday, reaching $219.05. The company's stock had a trading volume of 1,358,450 shares, compared to its average volume of 2,503,799. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The firm's 50-day moving average is $216.48 and its two-hundred day moving average is $205.79. The company has a market cap of $102.55 billion, a price-to-earnings ratio of 56.31, a PEG ratio of 1.64 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company's revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.79 earnings per share. On average, sell-side analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 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.