Capital Asset Advisory Services LLC Invests $294,000 in American Tower Co. (NYSE:AMT)

Capital Asset Advisory Services LLC acquired a new position in shares of American Tower Co. (NYSE:AMT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,348 shares of the real estate investment trust's stock, valued at approximately $294,000.

A number of other hedge funds have also modified their holdings of AMT. Fulton Bank N.A. increased its stake in American Tower by 23.8% in the 1st quarter. Fulton Bank N.A. now owns 4,133 shares of the real estate investment trust's stock worth $899,000 after purchasing an additional 794 shares in the last quarter. ST Germain D J Co. Inc. boosted its holdings in shares of American Tower by 23.3% in the first quarter. ST Germain D J Co. Inc. now owns 502 shares of the real estate investment trust's stock worth $109,000 after buying an additional 95 shares during the period. Merit Financial Group LLC increased its position in shares of American Tower by 19.1% in the first quarter. Merit Financial Group LLC now owns 8,186 shares of the real estate investment trust's stock worth $1,781,000 after acquiring an additional 1,312 shares in the last quarter. Harbor Investment Advisory LLC raised its holdings in shares of American Tower by 8.0% during the first quarter. Harbor Investment Advisory LLC now owns 17,963 shares of the real estate investment trust's stock valued at $3,909,000 after acquiring an additional 1,325 shares during the period. Finally, LVW Advisors LLC lifted its position in shares of American Tower by 110.6% in the 1st quarter. LVW Advisors LLC now owns 5,782 shares of the real estate investment trust's stock valued at $1,258,000 after acquiring an additional 3,037 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AMT has been the topic of a number of research reports. Wells Fargo & Company upped their target price on American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Scotiabank upped their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 30th. Bank of America started coverage on shares of American Tower in a research note on Monday, May 19th. They set a "buy" rating and a $255.00 target price for the company. BMO Capital Markets upped their price target on shares of American Tower from $210.00 to $220.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Finally, Barclays increased their price objective on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Two equities 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.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $240.25.

American Tower Stock Performance

NYSE:AMT traded up $1.78 during midday trading on Thursday, reaching $216.14. The stock had a trading volume of 2,526,711 shares, compared to its average volume of 2,496,291. The stock has a market capitalization of $101.18 billion, a P/E ratio of 91.20, a PEG ratio of 1.29 and a beta of 0.82. American Tower Co. has a 1-year low of $172.51 and a 1-year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The firm's fifty day simple moving average is $215.26 and its 200-day simple moving average is $202.58.

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 EPS for the quarter, topping analysts' consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the previous year, the company posted $2.79 earnings per share. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. On average, equities research analysts forecast that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.15%. American Tower's dividend payout ratio (DPR) is presently 174.81%.

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.