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

Concurrent Investment Advisors LLC trimmed its position in American Tower Corporation (NYSE:AMT - Free Report) by 36.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

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

American Tower Price Performance

American Tower stock traded down $0.70 during midday trading on Thursday, reaching $221.13. 1,459,191 shares of the stock were exchanged, compared to its average volume of 2,503,683. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $103.52 billion, a PE ratio of 56.85, a PEG ratio of 1.64 and a beta of 0.82. The company's fifty day moving average is $216.55 and its 200-day moving average is $205.54.

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

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio is currently 174.81%.

Wall Street Analyst Weigh In

AMT has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price target for the company. Barclays boosted their price objective on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. UBS Group raised their target price on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Royal Bank Of Canada boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, American Tower presently has a consensus rating of "Buy" and an average price target 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.