Oppenheimer Asset Management Inc. Purchases 17,312 Shares of American Tower Corporation (NYSE:AMT)

Oppenheimer Asset Management Inc. boosted its position in American Tower Corporation (NYSE:AMT - Free Report) by 15.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 131,485 shares of the real estate investment trust's stock after acquiring an additional 17,312 shares during the period. Oppenheimer Asset Management Inc.'s holdings in American Tower were worth $28,611,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Minot DeBlois Advisors LLC acquired a new position in American Tower in the fourth quarter valued at about $29,000. Graney & King LLC bought a new position in shares of American Tower during the fourth quarter worth about $32,000. Lowe Wealth Advisors LLC grew its stake in American Tower by 218.0% in the first 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. Crowley Wealth Management Inc. bought a new position in American Tower in the fourth quarter valued at approximately $37,000. Finally, City Holding Co. bought a new position in American Tower in the first quarter valued at approximately $39,000. Institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

AMT has been the subject of several research analyst reports. Morgan Stanley initiated coverage on American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price for the company. 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 research note on Wednesday, April 30th. Royal Bank Of Canada lifted their target price on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. 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 research note on Wednesday, April 30th. Finally, UBS Group lifted their target price on American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a research note 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. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $240.25.

American Tower Trading Up 0.8%

NYSE AMT opened at $217.23 on Monday. The business's 50-day moving average price is $215.65 and its two-hundred day moving average price is $203.30. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The firm has a market capitalization of $101.70 billion, a PE ratio of 55.84, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82. 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 released its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating analysts' consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the company posted $2.79 EPS. The business's revenue was down 9.6% on a year-over-year basis. On average, analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.13%. American Tower's dividend payout ratio (DPR) is presently 174.81%.

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.

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