Bridgewater Advisors Inc. bought a new position in American Tower Corporation (NYSE:AMT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,098 shares of the real estate investment trust's stock, valued at approximately $686,000.
Other hedge funds have also modified their holdings of the company. Cohen & Steers Inc. raised its stake in shares of American Tower by 21.8% during the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock valued at $3,516,890,000 after purchasing an additional 3,437,602 shares during the period. Geode Capital Management LLC increased its stake in shares of American Tower by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust's stock worth $2,074,956,000 after buying an additional 129,192 shares during the last quarter. FMR LLC increased its stake in shares of American Tower by 5.0% in the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust's stock worth $2,050,390,000 after buying an additional 537,136 shares during the last quarter. Capital Research Global Investors increased its stake in shares of American Tower by 66.5% in the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock worth $1,570,547,000 after buying an additional 3,421,413 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of American Tower in the fourth quarter worth $1,164,851,000. 92.69% of the stock is owned by institutional investors and hedge funds.
American Tower Trading Up 0.7%
NYSE AMT traded up $1.67 on Friday, hitting $224.71. 371,274 shares of the company were exchanged, compared to its average volume of 2,496,465. The company's 50 day moving average price is $216.43 and its 200-day moving average price is $207.09. 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 firm has a market capitalization of $105.20 billion, a P/E ratio of 57.78, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56.
American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.79 EPS. Analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.
American Tower Dividend Announcement
The firm 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. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.03%. American Tower's dividend payout ratio (DPR) is presently 174.81%.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on AMT shares. Scotiabank lifted their price objective 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. Raymond James Financial lifted their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a report on Wednesday, April 30th. Barclays lifted their price objective 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. JMP Securities lifted their price objective 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, Wells Fargo & Company lifted their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Two investment 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $240.88.
Read Our Latest Report on American Tower
American Tower Profile
(
Free Report)
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.
Further Reading
Before you consider American Tower, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and American Tower wasn't on the list.
While American Tower currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
