Pandora Wealth Inc. Invests $606,000 in American Tower Corporation (NYSE:AMT)

Key Points

• Pandora Wealth Inc. has invested $606,000 in American Tower Corporation, purchasing 2,783 shares during the 1st quarter.
• American Tower declared a quarterly dividend of $1.70 per share, representing a yearly yield of 3.3%, although the dividend payout ratio is high at 247.27%.
• The company's latest quarterly earnings report showed an EPS of $2.60, surpassing analysts' expectations, despite a 9.4% decline in revenue compared to the previous year.

Pandora Wealth Inc. purchased a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,783 shares of the real estate investment trust's stock, valued at approximately $606,000.

Several other hedge funds also recently modified their holdings of AMT. Vanguard Group Inc. grew its stake in American Tower by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock valued at $13,667,344,000 after buying an additional 434,118 shares during the last quarter. Cohen & Steers Inc. grew its stake in American Tower by 21.8% in the 4th 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 buying an additional 3,437,602 shares during the last quarter. Capital Research Global Investors grew its stake in American Tower by 66.5% in the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock valued at $1,570,547,000 after buying an additional 3,421,413 shares during the last quarter. Deutsche Bank AG grew its stake in American Tower by 4.0% in the 1st quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock valued at $1,606,621,000 after buying an additional 285,195 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in American Tower by 3.7% in the 1st quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock valued at $1,335,407,000 after buying an additional 220,565 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Price Performance

NYSE:AMT opened at $206.51 on Friday. The company has a 50-day moving average of $218.37 and a 200-day moving average of $211.06. The company has a market capitalization of $96.70 billion, a price-to-earnings ratio of 75.09, a PEG ratio of 1.20 and a beta of 0.82. American Tower Corporation 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 3.36, a quick ratio of 0.95 and a current ratio of 0.95.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period last year, the firm earned $2.79 EPS. As a group, equities research analysts anticipate that American Tower Corporation 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 was paid on Friday, July 11th. Investors of record on Friday, June 13th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's dividend payout ratio (DPR) is currently 247.27%.

Analysts Set New Price Targets

AMT has been the topic of a number of research analyst reports. Royal Bank Of Canada raised their target price on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. raised their target price on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Scotiabank increased their price target on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. UBS Group increased their price target on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Bank of America started coverage on shares of American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target for the company. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has a consensus rating of "Moderate Buy" and an average target price of $243.88.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by corporate insiders.

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.

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