Golden State Wealth Management LLC Increases Stock Position in American Tower Corporation (NYSE:AMT)

Golden State Wealth Management LLC boosted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 643.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,229 shares of the real estate investment trust's stock after purchasing an additional 1,929 shares during the quarter. Golden State Wealth Management LLC's holdings in American Tower were worth $485,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Bessemer Group Inc. lifted its stake in American Tower by 272.0% in the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock worth $247,390,000 after purchasing an additional 831,247 shares in the last quarter. waypoint wealth counsel purchased a new stake in American Tower in the 1st quarter worth $267,000. Adams Diversified Equity Fund Inc. lifted its stake in American Tower by 35.3% in the 1st quarter. Adams Diversified Equity Fund Inc. now owns 91,200 shares of the real estate investment trust's stock worth $19,845,000 after purchasing an additional 23,800 shares in the last quarter. Mill Capital Management LLC lifted its stake in American Tower by 0.7% in the 1st quarter. Mill Capital Management LLC now owns 121,509 shares of the real estate investment trust's stock worth $26,440,000 after purchasing an additional 826 shares in the last quarter. Finally, Community Financial Services Group LLC lifted its stake in American Tower by 5.3% in the 1st quarter. Community Financial Services Group LLC now owns 5,060 shares of the real estate investment trust's stock worth $1,101,000 after purchasing an additional 256 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

Shares of NYSE:AMT opened at $217.64 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. The company has a market capitalization of $101.89 billion, a price-to-earnings ratio of 55.95, a PEG ratio of 1.63 and a beta of 0.81. The firm's 50-day moving average is $215.79 and its 200 day moving average is $203.72. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56.

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 the consensus estimate of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.79 EPS. Research analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid 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 yield of 3.12%. American Tower's dividend payout ratio is currently 174.81%.

Wall Street Analyst Weigh In

AMT has been the topic of several recent research reports. Royal Bank Of Canada upped 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. Scotiabank upped their target price on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 30th. Hsbc Global Res upgraded shares of American Tower to a "strong-buy" rating in a research report on Thursday, February 27th. Raymond James Financial upped their target price on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Morgan Stanley initiated coverage on shares of American Tower in a research report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target 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.

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