Burling Wealth Partners LLC Has $4.91 Million Holdings in American Tower Corporation (NYSE:AMT)

Burling Wealth Partners LLC trimmed its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 12.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 22,566 shares of the real estate investment trust's stock after selling 3,333 shares during the period. American Tower accounts for about 1.0% of Burling Wealth Partners LLC's investment portfolio, making the stock its 27th largest position. Burling Wealth Partners LLC's holdings in American Tower were worth $4,910,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in AMT. North Capital Inc. purchased a new position in American Tower in the 1st quarter valued at about $25,000. Minot DeBlois Advisors LLC purchased a new position in American Tower in the fourth quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of American Tower during the first quarter valued at approximately $31,000. Graney & King LLC purchased a new stake in shares of American Tower during the fourth quarter valued at approximately $32,000. Finally, Lowe Wealth Advisors LLC grew its position in shares of American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Price Performance

AMT stock traded up $1.83 during trading on Friday, hitting $224.87. The company had a trading volume of 1,253,822 shares, compared to its average volume of 2,499,878. 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 of $216.43 and a 200 day moving average of $207.09. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The firm has a market capitalization of $105.27 billion, a price-to-earnings ratio of 57.81, a P/E/G ratio of 1.66 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.54 billion. During the same period in the previous year, the business earned $2.79 earnings per share. American Tower's revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, research analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.02%. American Tower's payout ratio is presently 174.81%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on AMT shares. 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. 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. Morgan Stanley began coverage on shares of American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target for the company. UBS Group boosted their price target on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Scotiabank boosted their price target on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, American Tower currently has a consensus rating of "Buy" and a consensus target price of $240.88.

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.