Impax Asset Management Group plc Purchases 97,737 Shares of American Tower Corporation (NYSE:AMT)

Impax Asset Management Group plc raised its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 294.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 130,979 shares of the real estate investment trust's stock after purchasing an additional 97,737 shares during the period. Impax Asset Management Group plc's holdings in American Tower were worth $28,501,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC bought a new position in shares of American Tower during the 1st quarter valued at $344,000. Timber Creek Capital Management LLC grew its stake in shares of American Tower by 29.7% during the first quarter. Timber Creek Capital Management LLC now owns 19,546 shares of the real estate investment trust's stock valued at $4,253,000 after buying an additional 4,481 shares during the last quarter. Pacific Heights Asset Management LLC increased its holdings in shares of American Tower by 42.9% in the first quarter. Pacific Heights Asset Management LLC now owns 100,000 shares of the real estate investment trust's stock worth $21,760,000 after buying an additional 30,000 shares during the period. IFM Investors Pty Ltd lifted its stake in shares of American Tower by 6.0% in the 1st quarter. IFM Investors Pty Ltd now owns 145,079 shares of the real estate investment trust's stock valued at $33,740,000 after acquiring an additional 8,263 shares during the last quarter. Finally, 4J Wealth Management LLC boosted its holdings in American Tower by 4.0% during the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock valued at $283,000 after acquiring an additional 50 shares during the period. Institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on AMT shares. Morgan Stanley began coverage on American Tower in a research report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective for the company. 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. JMP Securities increased their price target 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. Raymond James Financial increased their target price on shares of American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Scotiabank boosted their price target on American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a 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. Based on data from MarketBeat, American Tower has an average rating of "Buy" and an average target price of $240.25.

American Tower Price Performance

Shares of AMT opened at $221.75 on Friday. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The firm's 50-day simple moving average is $216.46 and its two-hundred day simple moving average is $204.75. The stock 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 has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the business posted $2.79 EPS. The firm's quarterly revenue was down 9.6% compared to the same quarter last year. Analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company 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. This represents a $6.80 annualized dividend and a yield of 3.07%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio (DPR) is 174.81%.

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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.