Allworth Financial LP Purchases 4,284 Shares of American Tower Corporation (NYSE:AMT)

Allworth Financial LP increased its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 12.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

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

American Tower Trading Up 1.2%

Shares of American Tower stock traded up $2.54 during trading hours on Monday, reaching $221.78. 1,475,823 shares of the company's stock were exchanged, compared to its average volume of 2,500,748. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The firm has a market capitalization of $103.82 billion, a price-to-earnings ratio of 57.01, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82. The company has a fifty day moving average of $216.39 and a 200-day moving average of $206.33. 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 (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm's revenue was down 9.6% compared to the same quarter last year. During the same period last year, the company posted $2.79 earnings per share. Sell-side analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.07%. American Tower's dividend payout ratio is currently 174.81%.

Wall Street Analyst Weigh In

AMT has been the topic of a number of research reports. Morgan Stanley initiated coverage on American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price objective on the stock. Scotiabank raised their price target on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Bank of America assumed coverage on American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price target on the stock. JMP Securities raised their price target 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. Finally, Wells Fargo & Company raised their price target on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, American Tower presently has an average rating of "Buy" and an average price target of $240.88.

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.