Canton Hathaway LLC Acquires New Stake in American Tower Corporation (NYSE:AMT)

Canton Hathaway LLC purchased a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,400 shares of the real estate investment trust's stock, valued at approximately $522,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after purchasing an additional 2,104 shares in the last quarter. Venturi Wealth Management LLC raised its position in shares of American Tower by 108.0% in the fourth quarter. Venturi Wealth Management LLC now owns 337 shares of the real estate investment trust's stock valued at $62,000 after purchasing an additional 175 shares during the period. Kestra Investment Management LLC bought a new position in shares of American Tower in the fourth quarter valued at approximately $48,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of American Tower in the fourth quarter valued at approximately $233,000. Finally, Bank of Jackson Hole Trust bought a new position in American Tower during the fourth quarter worth $46,000. Institutional investors own 92.69% of the company's stock.

American Tower Trading Up 0.8%

Shares of AMT stock traded up $1.75 during mid-day trading on Friday, reaching $217.23. 4,018,525 shares of the stock traded hands, compared to its average volume of 2,492,242. The stock's fifty day simple moving average is $215.65 and its two-hundred day simple moving average is $203.34. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. The company has a market cap of $101.70 billion, a price-to-earnings ratio of 55.84, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56.

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

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.13%. American Tower's payout ratio is 174.81%.

Analysts Set New Price Targets

A number of research firms have weighed in on AMT. Scotiabank lifted their price target on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 30th. Bank of America began coverage on shares of American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price target on the stock. BMO Capital Markets upped their price target on American Tower from $210.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. Royal Bank Of Canada upped 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. Finally, Hsbc Global Res raised American Tower to a "strong-buy" rating in a research note on Thursday, February 27th. 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. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $240.25.

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.