Douglas Lane & Associates LLC Buys 7,883 Shares of American Tower Co. (NYSE:AMT)

Douglas Lane & Associates LLC grew its stake in shares of American Tower Co. (NYSE:AMT - Free Report) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 439,144 shares of the real estate investment trust's stock after buying an additional 7,883 shares during the period. American Tower makes up 1.4% of Douglas Lane & Associates LLC's portfolio, making the stock its 18th biggest position. Douglas Lane & Associates LLC owned approximately 0.09% of American Tower worth $95,558,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wright Investors Service Inc. grew its holdings in shares of American Tower by 9.0% in the 1st quarter. Wright Investors Service Inc. now owns 5,552 shares of the real estate investment trust's stock valued at $1,208,000 after buying an additional 458 shares during the period. Czech National Bank grew its stake in American Tower by 5.9% in the first quarter. Czech National Bank now owns 107,334 shares of the real estate investment trust's stock valued at $23,356,000 after acquiring an additional 6,016 shares during the period. 180 Wealth Advisors LLC raised its position in shares of American Tower by 4.0% during the first quarter. 180 Wealth Advisors LLC now owns 12,138 shares of the real estate investment trust's stock worth $2,641,000 after purchasing an additional 469 shares during the period. Legacy Wealth Asset Management LLC increased its stake in American Tower by 1.5% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 7,443 shares of the real estate investment trust's stock worth $1,620,000 after purchasing an additional 107 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its stake in American Tower by 1.5% in the first quarter. Fifth Third Wealth Advisors LLC now owns 10,854 shares of the real estate investment trust's stock valued at $2,362,000 after buying an additional 159 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AMT. Bank of America assumed coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. Morgan Stanley started coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective on the stock. Royal Bank of Canada raised their target price on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Wells Fargo & Company boosted their price target 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. Finally, Citigroup raised their price objective on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. 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's stock. According to data from MarketBeat.com, American Tower has a consensus rating of "Buy" and an average target price of $240.25.

American Tower Stock Performance

Shares of NYSE:AMT traded up $1.48 during trading on Thursday, reaching $215.84. 1,144,401 shares of the stock were exchanged, compared to its average volume of 2,491,221. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a 50-day moving average price of $215.26 and a 200-day moving average price of $202.58. American Tower Co. has a 12 month low of $172.51 and a 12 month high of $243.56. The firm has a market cap of $101.04 billion, a PE ratio of 91.07, a PEG ratio of 1.29 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last announced its 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. The company had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period last year, the firm earned $2.79 earnings per share. Research analysts expect that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

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 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 dividend yield of 3.15%. American Tower's dividend payout ratio is currently 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.