American Tower Corporation (NYSE:AMT) Stake Trimmed by Princeton Capital Management LLC

Princeton Capital Management LLC reduced its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 49.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,156 shares of the real estate investment trust's stock after selling 13,715 shares during the period. American Tower accounts for about 1.1% of Princeton Capital Management LLC's holdings, making the stock its 17th biggest holding. Princeton Capital Management LLC's holdings in American Tower were worth $3,080,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aviva PLC increased its stake in American Tower by 13.4% during the 4th quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust's stock worth $71,252,000 after buying an additional 46,009 shares during the period. Golden State Wealth Management LLC raised its position in American Tower by 23.0% in the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 69 shares during the last quarter. Shum Financial Group Inc. increased its stake in American Tower by 3.5% in the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after buying an additional 141 shares during the period. Mariner LLC grew its stake in shares of American Tower by 30.9% during the 4th quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock worth $66,585,000 after purchasing an additional 85,693 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc grew its stake in shares of American Tower by 13.3% during the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after purchasing an additional 27,194 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AMT. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective on the stock. UBS Group increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Scotiabank raised their price target on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Wells Fargo & Company raised their price objective on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Finally, Royal Bank Of Canada raised their price objective on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $242.31.

American Tower Price Performance

NYSE:AMT traded down $4.21 during mid-day trading on Monday, reaching $225.66. 731,942 shares of the stock were exchanged, compared to its average volume of 2,603,440. The business has a fifty day moving average price of $218.70 and a 200 day moving average price of $209.49. The firm has a market capitalization of $105.64 billion, a PE ratio of 58.02, a PEG ratio of 1.27 and a beta of 0.82. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) 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 return on equity of 30.20% and a net margin of 17.34%. American Tower's revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.79 earnings per share. Research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, June 13th. American Tower's payout ratio is currently 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.