Harvest Fund Management Co. Ltd acquired a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 27,163 shares of the real estate investment trust's stock, valued at approximately $5,913,000.
A number of other large investors have also recently added to or reduced their stakes in the stock. North Capital Inc. bought a new position in shares of American Tower in the 1st quarter worth about $25,000. Minot DeBlois Advisors LLC bought a new position in shares of American Tower in the 4th quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of American Tower in the 1st quarter worth about $31,000. Lowe Wealth Advisors LLC increased its holdings in shares of American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 109 shares during the period. Finally, City Holding Co. acquired a new stake in shares of American Tower in the 1st quarter worth about $39,000. 92.69% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
AMT has been the topic of a number of analyst reports. Barclays increased their price objective on shares of American Tower from $223.00 to $246.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Scotiabank increased their price objective on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Wells Fargo & Company dropped their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday. Raymond James Financial lowered their target price on shares of American Tower from $251.00 to $250.00 and set a "strong-buy" rating on the stock in a research note on Wednesday. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a research note on Tuesday. Three 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $243.00.
Check Out Our Latest Stock Analysis on AMT
American Tower Price Performance
Shares of AMT traded down $5.84 during mid-day trading on Wednesday, hitting $208.87. The company's stock had a trading volume of 3,692,027 shares, compared to its average volume of 1,735,388. The firm has a 50-day moving average price of $218.76 and a 200 day moving average price of $209.88. The stock has a market capitalization of $97.78 billion, a price-to-earnings ratio of 75.95, a PEG ratio of 1.18 and a beta of 0.82. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.81. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.
American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The company had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same period last year, the company posted $2.79 earnings per share. The business's revenue for the quarter was down 9.4% on a year-over-year basis. On average, research analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.
American Tower Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Friday, June 13th. American Tower's payout ratio is 174.81%.
American Tower Profile
(
Free Report)
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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