Pittenger & Anderson Inc. Reduces Holdings in American Tower Corporation (NYSE:AMT)

Pittenger & Anderson Inc. trimmed its stake in American Tower Corporation (NYSE:AMT - Free Report) by 94.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,239 shares of the real estate investment trust's stock after selling 73,898 shares during the period. Pittenger & Anderson Inc.'s holdings in American Tower were worth $922,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. North Capital Inc. purchased a new position in American Tower during the 1st quarter worth $25,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in American Tower during the 1st quarter worth $31,000. Lowe Wealth Advisors LLC grew its position 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 purchasing an additional 109 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new position in American Tower during the 4th quarter worth $29,000. Finally, Graney & King LLC purchased a new position in American Tower during the 4th quarter worth $32,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Down 0.9%

Shares of NYSE AMT opened at $219.05 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The firm has a 50-day moving average price of $216.39 and a 200 day moving average price of $206.33. The stock has a market capitalization of $102.55 billion, a price-to-earnings ratio of 56.31, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82.

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

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's payout ratio is currently 174.81%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Raymond James Financial raised their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, April 30th. Morgan Stanley assumed coverage on shares of American Tower in a research report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price objective on the stock. Barclays raised their price objective on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. JMP Securities raised their target price on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company raised their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $240.88.

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.

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