Mirae Asset Global Investments Co. Ltd. Boosts Holdings in American Tower Corporation (NYSE:AMT)

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 35.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,053 shares of the real estate investment trust's stock after purchasing an additional 20,138 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in American Tower were worth $16,610,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Glenview Trust co lifted its stake in shares of American Tower by 0.8% in the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust's stock valued at $1,294,000 after purchasing an additional 54 shares during the period. CreativeOne Wealth LLC lifted its position in American Tower by 2.1% during the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock valued at $477,000 after buying an additional 54 shares during the period. Fortitude Advisory Group L.L.C. boosted its holdings in shares of American Tower by 2.9% during the 1st 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 buying an additional 54 shares in the last quarter. Veracity Capital LLC increased its stake in shares of American Tower by 4.7% in the 1st quarter. Veracity Capital LLC now owns 1,237 shares of the real estate investment trust's stock worth $269,000 after acquiring an additional 56 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC lifted its position in American Tower by 1.1% during the 4th quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust's stock valued at $978,000 after acquiring an additional 58 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

Shares of AMT opened at $218.06 on Monday. The business has a 50-day simple moving average of $215.69 and a two-hundred day simple moving average of $203.92. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The stock has a market cap of $102.08 billion, a price-to-earnings ratio of 56.06, a PEG ratio of 1.62 and a beta of 0.82.

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

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.12%. American Tower's payout ratio is 174.81%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AMT shares. Raymond James Financial raised their target price on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Wells Fargo & Company raised their price objective on American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. Barclays lifted their price objective on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Bank of America assumed coverage on American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 target price on the stock. Finally, Scotiabank lifted their price target on American Tower from $234.00 to $248.00 and gave the stock 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 issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, American Tower has an average rating of "Buy" and an average price target of $240.25.

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.

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