Procyon Advisors LLC Acquires 2,787 Shares of American Tower Co. (NYSE:AMT)

Procyon Advisors LLC increased its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 25.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 13,864 shares of the real estate investment trust's stock after purchasing an additional 2,787 shares during the period. Procyon Advisors LLC's holdings in American Tower were worth $3,017,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in AMT. Curat Global LLC bought a new stake in shares of American Tower in the 1st quarter valued at approximately $45,000. Edge Wealth Management LLC grew its stake in shares of American Tower by 1.5% in the 1st quarter. Edge Wealth Management LLC now owns 63,273 shares of the real estate investment trust's stock valued at $13,768,000 after purchasing an additional 959 shares during the period. Vest Financial LLC grew its stake in shares of American Tower by 73.5% in the 1st quarter. Vest Financial LLC now owns 31,719 shares of the real estate investment trust's stock valued at $6,902,000 after purchasing an additional 13,437 shares during the period. Annex Advisory Services LLC bought a new stake in shares of American Tower in the 1st quarter valued at approximately $230,000. Finally, Oak Asset Management LLC grew its stake in shares of American Tower by 10.8% in the 1st quarter. Oak Asset Management LLC now owns 14,612 shares of the real estate investment trust's stock valued at $3,180,000 after purchasing an additional 1,420 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Trading Down 1.7%

Shares of NYSE:AMT traded down $3.66 during midday trading on Friday, hitting $212.57. The company had a trading volume of 2,516,265 shares, compared to its average volume of 2,501,930. American Tower Co. has a 12 month low of $172.51 and a 12 month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a market cap of $99.51 billion, a price-to-earnings ratio of 89.69, a PEG ratio of 1.29 and a beta of 0.82. The firm has a fifty day simple moving average of $215.09 and a 200 day simple moving average of $202.78.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (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 business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the company earned $2.79 EPS. The firm's revenue was down 9.6% on a year-over-year basis. On average, analysts predict that American Tower Co. will post 10.14 EPS for the current year.

American Tower Announces Dividend

The firm also recently disclosed 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. This represents a $6.80 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's payout ratio is presently 174.81%.

Wall Street Analysts Forecast Growth

AMT has been the topic of several analyst reports. Bank of America initiated coverage on American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective on the stock. Morgan Stanley started coverage on American Tower in a research report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target on the stock. UBS Group increased their price target on American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. Barclays increased their price target on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Finally, Raymond James increased their price target 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 equities research 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 company presently has a consensus rating of "Buy" and a consensus price target 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.