Arizona State Retirement System Grows Position in American Tower Corporation (NYSE:AMT)

Arizona State Retirement System increased its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,137 shares of the real estate investment trust's stock after buying an additional 2,368 shares during the quarter. Arizona State Retirement System's holdings in American Tower were worth $29,841,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Brighton Jones LLC grew its position 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 purchasing an additional 2,104 shares during the period. Proficio Capital Partners LLC acquired a new stake in American Tower during the fourth quarter worth about $235,000. Independent Advisor Alliance raised its position in American Tower by 26.1% during the fourth quarter. Independent Advisor Alliance now owns 4,583 shares of the real estate investment trust's stock valued at $841,000 after acquiring an additional 950 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in American Tower by 92.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,953 shares of the real estate investment trust's stock valued at $358,000 after acquiring an additional 939 shares during the period. Finally, Erste Asset Management GmbH boosted its position in American Tower by 14.0% in the 4th quarter. Erste Asset Management GmbH now owns 12,289 shares of the real estate investment trust's stock worth $2,235,000 after purchasing an additional 1,505 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

Shares of NYSE:AMT traded down $1.96 during midday trading on Friday, hitting $219.05. The company had a trading volume of 1,358,450 shares, compared to its average volume of 2,503,799. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The stock has a market cap of $102.55 billion, a price-to-earnings ratio of 56.31, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The business's 50-day simple moving average is $216.39 and its 200-day simple moving average is $206.03.

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

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 174.81%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AMT shares. Barclays increased their price target on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Royal Bank Of Canada lifted their price target on American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. UBS Group increased their price target on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. Finally, Scotiabank increased their target price on American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 30th. Two 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 stock. According to data from MarketBeat.com, the company presently has a consensus 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.