Morningstar Investment Services LLC cut its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 53.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,708 shares of the real estate investment trust's stock after selling 11,262 shares during the period. Morningstar Investment Services LLC's holdings in American Tower were worth $2,112,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Formidable Asset Management LLC boosted its stake in shares of American Tower by 12.2% during the 1st quarter. Formidable Asset Management LLC now owns 3,990 shares of the real estate investment trust's stock worth $868,000 after acquiring an additional 435 shares in the last quarter. Mystic Asset Management Inc. boosted its stake in shares of American Tower by 9.0% during the 1st quarter. Mystic Asset Management Inc. now owns 1,209 shares of the real estate investment trust's stock worth $263,000 after acquiring an additional 100 shares in the last quarter. Outfitter Financial LLC boosted its stake in shares of American Tower by 9.6% during the 1st quarter. Outfitter Financial LLC now owns 3,980 shares of the real estate investment trust's stock worth $866,000 after acquiring an additional 350 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in shares of American Tower during the 1st quarter worth about $249,000. Finally, Jennison Associates LLC boosted its stake in American Tower by 23.2% during the 1st quarter. Jennison Associates LLC now owns 52,694 shares of the real estate investment trust's stock valued at $11,466,000 after purchasing an additional 9,932 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on AMT. Morgan Stanley initiated coverage on American Tower in a research report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective on the stock. Wells Fargo & Company lifted their target price on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. UBS Group lifted their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Bank of America initiated coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 target price on the stock. Finally, JMP Securities lifted their target price on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a 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. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $240.88.
Read Our Latest Research Report on American Tower
American Tower Trading Up 0.8%
American Tower stock traded up $1.83 during midday trading on Friday, reaching $224.87. The stock had a trading volume of 1,253,822 shares, compared to its average volume of 2,507,346. 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 firm has a market cap of $105.27 billion, a price-to-earnings ratio of 57.81, a price-to-earnings-growth ratio of 1.67 and a beta of 0.82. The company has a fifty day moving average of $216.53 and a 200 day moving average of $207.38.
American Tower (NYSE:AMT - Get Free Report) last announced its 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. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. American Tower's revenue was down 9.6% compared to the same quarter last year. During the same period last year, the firm earned $2.79 earnings per share. On average, 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 was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.02%. American Tower's payout ratio is 174.81%.
About American Tower
(
Free Report)
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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