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

Parr Mcknight Wealth Management Group LLC bought a new position in American Tower Co. (NYSE:AMT - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,720 shares of the real estate investment trust's stock, valued at approximately $1,049,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Minot DeBlois Advisors LLC purchased a new stake in shares of American Tower in the 4th quarter worth about $29,000. Roxbury Financial LLC purchased a new stake in shares of American Tower in the 4th quarter worth about $32,000. Graney & King LLC purchased a new stake in shares of American Tower in the 4th quarter worth about $32,000. Crowley Wealth Management Inc. purchased a new stake in shares of American Tower in the 4th quarter worth about $37,000. Finally, 10Elms LLP purchased a new stake in American Tower during the 4th quarter valued at about $42,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on AMT shares. Bank of America started coverage on shares of American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective on the stock. JMP Securities increased their price objective on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research report on Wednesday, April 30th. UBS Group increased their price objective on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Raymond James upped their target price on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Hsbc Global Res upgraded shares of American Tower to a "strong-buy" rating in a research note on Thursday, February 27th. 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 data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $240.25.

American Tower Stock Performance

NYSE AMT traded down $0.40 on Thursday, reaching $212.07. 624,047 shares of the stock were exchanged, compared to its average volume of 2,506,011. American Tower Co. has a one year low of $172.51 and a one year high of $243.56. The firm has a market capitalization of $99.28 billion, a PE ratio of 89.48, a PEG ratio of 1.29 and a beta of 0.86. The company's 50-day simple moving average is $215.09 and its two-hundred day simple moving average is $201.93. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results 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 during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.79 earnings per share. Analysts expect that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors 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 yield of 3.21%. American Tower's payout ratio is 174.81%.

About American Tower

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.