RFG Advisory LLC Reduces Stock Holdings in American Tower Co. (NYSE:AMT)

RFG Advisory LLC reduced its holdings in American Tower Co. (NYSE:AMT - Free Report) by 58.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,473 shares of the real estate investment trust's stock after selling 4,969 shares during the period. RFG Advisory LLC's holdings in American Tower were worth $756,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in AMT. Brighton Jones LLC lifted its holdings in American Tower by 113.0% during the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after purchasing an additional 2,104 shares in the last quarter. Trust Point Inc. increased its position in American Tower by 10.1% during the fourth quarter. Trust Point Inc. now owns 1,590 shares of the real estate investment trust's stock worth $292,000 after purchasing an additional 146 shares during the last quarter. Stratos Wealth Advisors LLC increased its position in shares of American Tower by 10.6% during the fourth quarter. Stratos Wealth Advisors LLC now owns 2,001 shares of the real estate investment trust's stock valued at $367,000 after acquiring an additional 191 shares during the last quarter. Stratos Investment Management LLC increased its position in shares of American Tower by 22.6% during the fourth quarter. Stratos Investment Management LLC now owns 1,450 shares of the real estate investment trust's stock valued at $266,000 after acquiring an additional 267 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of American Tower by 17.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,915 shares of the real estate investment trust's stock valued at $10,352,000 after acquiring an additional 8,416 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on AMT. Bank of America started coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. UBS Group lifted their target price on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Royal Bank of Canada lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Scotiabank boosted their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 30th. Finally, JMP Securities boosted 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 note on Wednesday, April 30th. Two equities 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 company presently has an average rating of "Buy" and a consensus target price of $240.25.

American Tower Price Performance

NYSE:AMT opened at $216.14 on Friday. The firm has a market cap of $101.18 billion, a price-to-earnings ratio of 91.20, a price-to-earnings-growth ratio of 1.29 and a beta of 0.82. 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 company's 50-day moving average is $215.23 and its two-hundred day moving average is $202.70. American Tower Co. has a 12-month low of $172.51 and a 12-month high of $243.56.

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, beating analysts' consensus estimates of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the firm earned $2.79 EPS. The firm's quarterly revenue was down 9.6% on a year-over-year basis. Research analysts expect that American Tower Co. will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently disclosed 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. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio is currently 174.81%.

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.

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