American Tower Corporation (NYSE:AMT) Stake Lowered by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 2.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,340 shares of the real estate investment trust's stock after selling 1,637 shares during the period. Mutual of America Capital Management LLC's holdings in American Tower were worth $11,824,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in AMT. Cohen & Steers Inc. grew its position in American Tower by 21.8% during the fourth 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 acquiring an additional 3,437,602 shares during the period. Geode Capital Management LLC boosted its position in shares of American Tower by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust's stock worth $2,074,956,000 after buying an additional 129,192 shares during the period. FMR LLC boosted its position in shares of American Tower by 5.0% in the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust's stock worth $2,050,390,000 after buying an additional 537,136 shares during the period. Capital Research Global Investors boosted its position in shares of American Tower by 66.5% in the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock worth $1,570,547,000 after buying an additional 3,421,413 shares during the period. Finally, Norges Bank purchased a new stake in shares of American Tower in the fourth quarter worth about $1,164,851,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

AMT has been the subject of several analyst reports. JMP Securities upped their target price on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Raymond James Financial upped their target price on American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, April 30th. Bank of America started coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. UBS Group boosted their price target on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, Morgan Stanley started coverage on American Tower in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price target on the stock. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $240.88.

American Tower Stock Down 1.0%

NYSE AMT traded down $2.16 on Tuesday, hitting $219.62. 266,060 shares of the stock traded hands, compared to its average volume of 2,492,023. The company has a market capitalization of $102.81 billion, a P/E ratio of 56.35, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82. The stock has a 50-day moving average of $216.35 and a 200 day moving average of $206.61. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. 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 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. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business's revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.79 earnings per share. As a group, analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced 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. This represents a $6.80 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was 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.