Signet Financial Management LLC Buys 1,351 Shares of American Tower Co. (NYSE:AMT)

Signet Financial Management LLC grew its stake in shares of American Tower Co. (NYSE:AMT - Free Report) by 24.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 6,898 shares of the real estate investment trust's stock after acquiring an additional 1,351 shares during the period. Signet Financial Management LLC's holdings in American Tower were worth $1,501,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Lowe Wealth Advisors LLC lifted its stake in shares of American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 109 shares during the period. Minot DeBlois Advisors LLC bought a new stake in American Tower in the fourth quarter valued at about $29,000. Graney & King LLC bought a new position in shares of American Tower during the fourth quarter worth $32,000. Roxbury Financial LLC acquired a new position in American Tower in the 4th quarter worth $32,000. Finally, City Holding Co. acquired a new stake in shares of American Tower in the first quarter valued at approximately $39,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 0.6%

AMT stock traded up $1.33 during trading on Thursday, hitting $215.69. The company had a trading volume of 528,461 shares, compared to its average volume of 2,482,900. The stock has a market cap of $100.97 billion, a price-to-earnings ratio of 91.01, a PEG ratio of 1.29 and a beta of 0.81. American Tower Co. has a 12 month low of $172.51 and a 12 month high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a 50-day moving average price of $214.60 and a 200-day moving average price of $203.01.

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 for the quarter, beating the consensus estimate of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm's revenue was down 9.6% on a year-over-year basis. During the same period last year, the business earned $2.79 earnings per share. As a group, analysts predict that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 174.81%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. JMP Securities raised their price target on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Hsbc Global Res raised shares of American Tower to a "strong-buy" rating in a research note on Thursday, February 27th. Morgan Stanley began coverage on shares of American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price objective on the stock. Raymond James boosted their price objective on 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, Citigroup increased their price objective on American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Two investment 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 stock. According to data from MarketBeat, American Tower presently has an average rating of "Buy" and a consensus target price of $240.25.

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.