First Horizon Advisors Inc. Boosts Stock Position in American Tower Corporation (NYSE:AMT)

First Horizon Advisors Inc. boosted its position in American Tower Corporation (NYSE:AMT - Free Report) by 22.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,953 shares of the real estate investment trust's stock after buying an additional 13,248 shares during the quarter. First Horizon Advisors Inc.'s holdings in American Tower were worth $15,657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in AMT. Norges Bank bought a new position in shares of American Tower during the 4th quarter valued at $1,164,851,000. Cohen & Steers Inc. boosted its position in American Tower by 21.8% during the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock valued at $3,516,890,000 after buying an additional 3,437,602 shares during the period. Capital Research Global Investors grew its stake in shares of American Tower by 66.5% during the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock valued at $1,570,547,000 after buying an additional 3,421,413 shares during the last quarter. Capital World Investors increased its holdings in shares of American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock worth $902,396,000 after buying an additional 3,032,005 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of American Tower by 23,627.3% in the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock worth $370,346,000 after buying an additional 1,694,784 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Raymond James Financial raised their price target on American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, April 30th. UBS Group raised their target price on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Wells Fargo & Company upped 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. Morgan Stanley began coverage on shares of American Tower in a research report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target for the company. Finally, JMP Securities boosted their price objective on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research report on Wednesday, April 30th. Two 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.com, American Tower presently has a consensus rating of "Buy" and a consensus target price of $240.25.

American Tower Stock Down 0.5%

Shares of AMT stock traded down $1.09 during midday trading on Friday, reaching $221.75. 1,369,114 shares of the stock were exchanged, compared to its average volume of 2,507,714. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56. The firm has a market cap of $103.81 billion, a PE ratio of 57.00, a price-to-earnings-growth ratio of 1.65 and a beta of 0.82. The company's 50 day moving average is $216.46 and its two-hundred day moving average is $205.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43.

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

American Tower Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.07%. American Tower's payout ratio is 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.