American Tower Corporation (NYSE:AMT) Shares Acquired by Park Place Capital Corp

Park Place Capital Corp grew its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 70.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,494 shares of the real estate investment trust's stock after buying an additional 4,330 shares during the quarter. Park Place Capital Corp's holdings in American Tower were worth $2,283,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of American Tower during the first quarter valued at $31,000. Lowe Wealth Advisors LLC grew its holdings in American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 109 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new position in American Tower during the 4th quarter valued at about $29,000. Graney & King LLC bought a new stake in shares of American Tower in the 4th quarter valued at about $32,000. Finally, City Holding Co. purchased a new stake in shares of American Tower in the 1st quarter worth approximately $39,000. 92.69% of the stock is owned by institutional investors.

American Tower Stock Performance

NYSE AMT traded up $0.54 during trading hours on Friday, reaching $218.06. The stock had a trading volume of 2,086,256 shares, compared to its average volume of 2,495,116. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The stock has a fifty day moving average of $215.79 and a 200 day moving average of $203.72. The stock has a market cap of $102.08 billion, a P/E ratio of 56.06, a price-to-earnings-growth ratio of 1.63 and a beta of 0.81.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping analysts' consensus estimates of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business's quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.79 earnings per share. Sell-side analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.12%. American Tower's dividend payout ratio (DPR) is presently 174.81%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Morgan Stanley began coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 target price for the company. Barclays boosted their price objective on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Scotiabank lifted their price target on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Wells Fargo & Company upped their price target on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Finally, Raymond James Financial raised their price objective on American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, April 30th. Two 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $240.25.

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.