GAMMA Investing LLC Has $370.35 Million Holdings in American Tower Co. (NYSE:AMT)

GAMMA Investing LLC raised its position in American Tower Co. (NYSE:AMT - Free Report) by 23,627.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,701,957 shares of the real estate investment trust's stock after acquiring an additional 1,694,784 shares during the quarter. GAMMA Investing LLC owned 0.36% of American Tower worth $370,346,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Insight Wealth Strategies LLC grew its holdings in American Tower by 1.8% during the 1st quarter. Insight Wealth Strategies LLC now owns 11,253 shares of the real estate investment trust's stock worth $2,449,000 after acquiring an additional 202 shares in the last quarter. Jacobs & Co. CA lifted its position in shares of American Tower by 0.4% during the first quarter. Jacobs & Co. CA now owns 35,190 shares of the real estate investment trust's stock worth $7,657,000 after purchasing an additional 146 shares during the last quarter. Marcum Wealth LLC lifted its position in shares of American Tower by 9.1% during the first quarter. Marcum Wealth LLC now owns 5,518 shares of the real estate investment trust's stock worth $1,201,000 after purchasing an additional 459 shares during the last quarter. Global Wealth Strategies & Associates lifted its position in shares of American Tower by 193.5% during the first quarter. Global Wealth Strategies & Associates now owns 182 shares of the real estate investment trust's stock worth $40,000 after purchasing an additional 120 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of American Tower by 12.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 19,998 shares of the real estate investment trust's stock worth $4,352,000 after purchasing an additional 2,138 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Up 1.1%

Shares of NYSE:AMT traded up $2.31 on Wednesday, reaching $215.70. The company had a trading volume of 507,268 shares, compared to its average volume of 2,494,980. American Tower Co. has a twelve month low of $172.51 and a twelve month high of $243.56. The stock has a 50-day moving average price of $215.28 and a 200 day moving average price of $202.50. The stock has a market capitalization of $100.98 billion, a P/E ratio of 91.01, a P/E/G ratio of 1.29 and a beta of 0.82. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT - Get Free Report) last announced its 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. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company earned $2.79 EPS. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. On average, equities analysts expect that American Tower Co. will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be given a $1.70 dividend. The ex-dividend date of this dividend 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 is currently 174.81%.

Analysts Set New Price Targets

AMT has been the topic of several research analyst reports. Wells Fargo & Company increased 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. UBS Group increased their price objective on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, April 30th. Citigroup increased their price objective on shares of American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price objective on the stock. Finally, JMP Securities increased their price objective on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, American Tower presently has an average rating of "Buy" and an average target price of $240.25.

American Tower Company 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.