Lord & Richards Wealth Management LLC Raises Holdings in American Tower Corporation (NYSE:AMT)

Lord & Richards Wealth Management LLC grew its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 121.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,751 shares of the real estate investment trust's stock after buying an additional 3,149 shares during the quarter. American Tower accounts for approximately 1.4% of Lord & Richards Wealth Management LLC's holdings, making the stock its 20th largest position. Lord & Richards Wealth Management LLC's holdings in American Tower were worth $1,251,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in AMT. North Capital Inc. purchased a new stake in shares of American Tower in the 1st quarter worth $25,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of American Tower in the 1st quarter worth $31,000. Lowe Wealth Advisors LLC increased its stake 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 purchasing an additional 109 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in shares of American Tower in the 4th quarter worth $29,000. Finally, Graney & King LLC purchased a new stake in shares of American Tower in the 4th quarter worth $32,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Trading Down 0.0%

AMT traded down $0.09 during trading hours on Thursday, reaching $223.27. 1,522,420 shares of the company's stock traded hands, compared to its average volume of 2,501,895. The firm has a 50-day moving average price of $216.32 and a 200 day moving average price of $206.81. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. The firm has a market capitalization of $104.52 billion, a PE ratio of 57.40, a PEG ratio of 1.62 and a beta of 0.82.

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, beating 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 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 previous year, the firm posted $2.79 earnings per share. The company's revenue was down 9.6% on a year-over-year basis. As a group, sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's dividend payout ratio is presently 174.81%.

Wall Street Analyst Weigh In

Several research firms have recently commented on AMT. UBS Group upped their price objective on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Morgan Stanley initiated coverage on American Tower in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price target for the company. Wells Fargo & Company increased their price target on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Barclays raised their price objective on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Finally, Scotiabank raised their price objective on American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $240.88.

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.