Pacific Heights Asset Management LLC Has $21.76 Million Holdings in American Tower Corporation (NYSE:AMT)

Pacific Heights Asset Management LLC raised its position in American Tower Corporation (NYSE:AMT - Free Report) by 42.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,000 shares of the real estate investment trust's stock after buying an additional 30,000 shares during the period. American Tower makes up about 1.5% of Pacific Heights Asset Management LLC's holdings, making the stock its 11th biggest holding. Pacific Heights Asset Management LLC's holdings in American Tower were worth $21,760,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AMT. North Capital Inc. acquired a new stake in American Tower during the first quarter worth about $25,000. Minot DeBlois Advisors LLC bought a new position in American Tower in the 4th quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower in the first quarter valued at approximately $31,000. Graney & King LLC bought a new position in shares of American Tower in the fourth quarter valued at approximately $32,000. Finally, Lowe Wealth Advisors LLC boosted its holdings in shares of 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 acquiring an additional 109 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AMT shares. UBS Group raised their target price on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Citigroup increased their target price on shares of American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Royal Bank Of Canada increased their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. JMP Securities raised their target price on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research note on Wednesday, April 30th. Finally, Bank of America started coverage on shares of American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. Two equities research 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 company presently has an average rating of "Buy" and a consensus target price of $240.25.

American Tower Trading Down 0.5%

Shares of NYSE:AMT traded down $1.09 during trading on Friday, hitting $221.75. 1,369,114 shares of the company's stock were exchanged, compared to its average volume of 2,507,714. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The firm has a 50-day moving average price of $216.46 and a two-hundred day moving average price of $204.89. 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 firm has a market cap of $103.81 billion, a P/E ratio of 57.00, a PEG ratio of 1.65 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.79 EPS. Equities analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio is currently 174.81%.

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.