American Tower Corporation (NYSE:AMT) Shares Bought by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY boosted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 54.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,095 shares of the real estate investment trust's stock after purchasing an additional 18,383 shares during the period. Miller Howard Investments Inc. NY's holdings in American Tower were worth $11,336,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Glenview Trust co grew its stake in shares of American Tower by 0.8% in the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust's stock valued at $1,294,000 after buying an additional 54 shares in the last quarter. CreativeOne Wealth LLC boosted its holdings in American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock worth $477,000 after acquiring an additional 54 shares during the period. Fortitude Advisory Group L.L.C. grew its position in American Tower by 2.9% in the first quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock valued at $416,000 after acquiring an additional 54 shares in the last quarter. Veracity Capital LLC grew its position in American Tower by 4.7% in the first quarter. Veracity Capital LLC now owns 1,237 shares of the real estate investment trust's stock valued at $269,000 after acquiring an additional 56 shares in the last quarter. Finally, Verity Asset Management Inc. grew its holdings in American Tower by 4.1% during the 1st quarter. Verity Asset Management Inc. now owns 1,413 shares of the real estate investment trust's stock valued at $308,000 after purchasing an additional 56 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AMT. UBS Group boosted their price objective on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Royal Bank Of Canada boosted their price target on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Morgan Stanley initiated coverage on American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price objective for the company. Wells Fargo & Company lifted their price objective on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Finally, JMP Securities upped their target price on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $240.25.

American Tower Stock Performance

American Tower stock traded down $1.09 during mid-day trading on Thursday, reaching $221.75. The company's stock had a trading volume of 1,369,114 shares, compared to its average volume of 2,501,757. The firm has a market cap of $103.81 billion, a price-to-earnings ratio of 57.00, a PEG ratio of 1.65 and a beta of 0.82. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The business has a 50 day moving average price of $216.24 and a 200-day moving average price of $204.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43.

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 EPS 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 business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the previous year, the business posted $2.79 EPS. The company's quarterly revenue was down 9.6% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 174.81%.

About American Tower

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.