Concurrent Investment Advisors LLC Cuts Holdings in American Tower Corporation (NYSE:AMT)

Concurrent Investment Advisors LLC lessened its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 36.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,426 shares of the real estate investment trust's stock after selling 2,002 shares during the period. Concurrent Investment Advisors LLC's holdings in American Tower were worth $746,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in AMT. North Capital Inc. bought a new position in shares of American Tower during the 1st quarter valued at about $25,000. Minot DeBlois Advisors LLC bought a new position in shares of American Tower during the 4th quarter valued at about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower in the 1st quarter valued at about $31,000. Graney & King LLC bought a new position in shares of American Tower in the 4th quarter valued at about $32,000. Finally, Lowe Wealth Advisors LLC lifted its holdings in shares of American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 109 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

AMT has been the subject of a number of analyst reports. Raymond James Financial increased their price target on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a report on Wednesday, April 30th. Morgan Stanley initiated coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price target for the company. Bank of America initiated coverage on shares of American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target for the company. JMP Securities increased their price target on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Finally, Wells Fargo & Company increased their price target on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" 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 issued a strong buy rating to the stock. According to MarketBeat, American Tower has a consensus rating of "Buy" and an average target price of $240.88.

American Tower Trading Down 0.7%

Shares of NYSE:AMT traded down $1.66 during trading on Friday, reaching $219.36. 499,116 shares of the company were exchanged, compared to its average volume of 2,680,209. The firm has a market capitalization of $102.69 billion, a PE ratio of 56.39, a P/E/G ratio of 1.65 and a beta of 0.82. The business's fifty day simple moving average is $216.48 and its 200-day simple moving average is $205.79. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81.

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

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's payout ratio is 174.81%.

American Tower 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.