Northeast Investment Management Cuts Stock Holdings in American Tower Co. (NYSE:AMT)

Northeast Investment Management lowered its position in American Tower Co. (NYSE:AMT - Free Report) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,777 shares of the real estate investment trust's stock after selling 4,659 shares during the quarter. American Tower accounts for approximately 1.7% of Northeast Investment Management's holdings, making the stock its 18th biggest holding. Northeast Investment Management's holdings in American Tower were worth $37,379,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Lowe Wealth Advisors LLC raised its stake in shares of American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of American Tower in the 4th quarter valued at about $29,000. Graney & King LLC acquired a new stake in shares of American Tower in the 4th quarter valued at about $32,000. Roxbury Financial LLC bought a new stake in shares of American Tower during the 4th quarter valued at about $32,000. Finally, City Holding Co. bought a new stake in shares of American Tower during the 1st quarter valued at about $39,000. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Trading Down 1.4%

NYSE AMT traded down $2.94 during trading hours on Friday, reaching $214.76. The company's stock had a trading volume of 2,455,578 shares, compared to its average volume of 2,487,977. The firm has a fifty day simple moving average of $214.91 and a 200-day simple moving average of $203.13. The stock has a market cap of $100.54 billion, a P/E ratio of 90.62, a P/E/G ratio of 1.29 and a beta of 0.81. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

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. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm's quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the business earned $2.79 EPS. Equities analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be issued a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.17%. American Tower's payout ratio is 174.81%.

Analyst Ratings Changes

A number of brokerages recently weighed in on AMT. Royal Bank of Canada boosted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Raymond James boosted their price objective 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. Barclays raised their price target on shares of American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. BMO Capital Markets raised their price target on shares of American Tower from $210.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. Finally, Citigroup raised their price target on shares of American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $240.25.

American Tower 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.