Legato Capital Management LLC Has $3.11 Million Stock Holdings in American Tower Corporation (NYSE:AMT)

Legato Capital Management LLC grew its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 125.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,300 shares of the real estate investment trust's stock after buying an additional 7,962 shares during the period. Legato Capital Management LLC's holdings in American Tower were worth $3,112,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of American Tower during the fourth quarter worth $1,164,851,000. Cohen & Steers Inc. increased its position in American Tower by 21.8% in the 4th 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 in the last quarter. Capital Research Global Investors increased its position in American Tower by 66.5% in the 4th 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 in the last quarter. Capital World Investors increased its holdings in American Tower by 160.6% during the 4th quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock worth $902,396,000 after purchasing an additional 3,032,005 shares in the last quarter. Finally, GAMMA Investing LLC grew 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 valued at $370,346,000 after acquiring an additional 1,694,784 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AMT. Scotiabank upped their price target 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. Bank of America assumed coverage on shares of American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. JMP Securities lifted their target price on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Finally, Morgan Stanley began coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $240.88.

American Tower Trading Up 2.7%

Shares of AMT stock opened at $232.51 on Wednesday. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $108.85 billion, a P/E ratio of 59.77, a price-to-earnings-growth ratio of 1.26 and a beta of 0.82. The company has a 50 day moving average price of $216.53 and a 200 day moving average price of $207.73. 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 issued its quarterly earnings data 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 net margin of 17.34% and a return on equity of 30.20%. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the previous year, the firm earned $2.79 EPS. The company's revenue was down 9.6% compared to the same quarter last year. Equities research analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 2.92%. American Tower's payout ratio is currently 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.

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