Ninepoint Partners LP Acquires 2,018 Shares of American Tower Corporation (NYSE:AMT)

Ninepoint Partners LP boosted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 20.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,742 shares of the real estate investment trust's stock after purchasing an additional 2,018 shares during the quarter. American Tower comprises 0.4% of Ninepoint Partners LP's investment portfolio, making the stock its 29th biggest position. Ninepoint Partners LP's holdings in American Tower were worth $2,555,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cohen & Steers Inc. raised its stake 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 worth $3,516,890,000 after acquiring an additional 3,437,602 shares in the last quarter. Geode Capital Management LLC lifted its stake in American Tower by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust's stock valued at $2,074,956,000 after purchasing an additional 129,192 shares during the last quarter. FMR LLC boosted its position in 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 valued at $2,050,390,000 after buying an additional 537,136 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of American Tower by 66.5% during 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 in the last quarter. Finally, Norges Bank bought a new position in shares of American Tower in the 4th quarter valued at $1,164,851,000. Institutional investors own 92.69% of the company's stock.

American Tower Stock Down 0.6%

Shares of AMT traded down $1.49 during trading hours on Friday, reaching $229.75. The stock had a trading volume of 1,031,210 shares, compared to its average volume of 1,726,093. The firm has a 50-day simple moving average of $218.70 and a 200 day simple moving average of $209.28. American Tower Corporation has a 12 month low of $172.51 and a 12 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. The company has a market capitalization of $107.55 billion, a price-to-earnings ratio of 59.06, a P/E/G ratio of 1.27 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $2.54 billion. During the same period last year, the company earned $2.79 earnings per share. The business's revenue was down 9.6% on a year-over-year basis. Equities research analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 13th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's payout ratio is currently 174.81%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Bank of America started coverage on American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective on the stock. JMP Securities lifted their target price on shares of 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 price target on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research report on Wednesday, April 30th. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective on the stock. Finally, UBS Group upped their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Two investment 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. According to MarketBeat, American Tower has a consensus rating of "Buy" and a consensus target price of $242.31.

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.