Parr Mcknight Wealth Management Group LLC Purchases New Shares in American Tower Co. (NYSE:AMT)

Parr Mcknight Wealth Management Group LLC purchased a new stake in American Tower Co. (NYSE:AMT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 5,720 shares of the real estate investment trust's stock, valued at approximately $1,049,000.

Other hedge funds have also added to or reduced their stakes in the company. Minot DeBlois Advisors LLC bought a new position in American Tower in the fourth quarter valued at about $29,000. Roxbury Financial LLC bought a new position in American Tower in the fourth quarter valued at about $32,000. Graney & King LLC bought a new position in American Tower in the fourth quarter valued at about $32,000. Crowley Wealth Management Inc. bought a new position in American Tower in the fourth quarter valued at about $37,000. Finally, 10Elms LLP acquired a new position in American Tower in the fourth quarter valued at about $42,000. Institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

Shares of NYSE AMT traded up $1.78 during midday trading on Tuesday, hitting $213.64. 1,839,923 shares of the company's stock were exchanged, compared to its average volume of 2,513,613. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 12 month low of $172.51 and a 12 month high of $243.56. The company's 50 day moving average price is $215.18 and its 200 day moving average price is $201.78. The firm has a market capitalization of $100.01 billion, a PE ratio of 90.14, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last issued its 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. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the company posted $2.79 EPS. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be paid a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.18%. American Tower's dividend payout ratio is currently 174.81%.

Wall Street Analysts Forecast Growth

AMT has been the topic of several recent analyst reports. Citigroup lifted their price objective on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. Royal Bank of Canada lifted their price objective on American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Raymond James lifted their price objective on American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a report on Wednesday, April 30th. Wells Fargo & Company lifted their price objective on American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Finally, Barclays lifted their price objective on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently 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.