Skandinaviska Enskilda Banken AB publ Buys 1,555 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• Skandinaviska Enskilda Banken AB publ increased its holdings in American Tower Corporation by 1.7%, now owning 95,040 shares valued at approximately $20.68 million.
• Multiple institutional investors purchased new stakes in American Tower recently, indicating a robust interest in the company, with over 92.69% of the stock owned by institutional investors.
• Wall Street analysts have raised their price targets for American Tower, with Barclays setting it at $246.00 and Raymond James at $251.00, reflecting strong confidence in the stock's performance.

Skandinaviska Enskilda Banken AB publ lifted its position in American Tower Corporation (NYSE:AMT - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 95,040 shares of the real estate investment trust's stock after buying an additional 1,555 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in American Tower were worth $20,681,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. North Capital Inc. bought a new position in shares of American Tower in the first quarter worth approximately $25,000. E Fund Management Hong Kong Co. Ltd. bought a new position in American Tower during the first quarter valued at approximately $31,000. Lowe Wealth Advisors LLC lifted its position in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares during the period. Minot DeBlois Advisors LLC bought a new position in American Tower during the fourth quarter valued at approximately $29,000. Finally, City Holding Co. bought a new position in American Tower during the first quarter valued at approximately $39,000. Institutional investors own 92.69% of the company's stock.

American Tower Price Performance

Shares of NYSE AMT traded down $3.78 during midday trading on Wednesday, reaching $210.93. The stock had a trading volume of 1,223,897 shares, compared to its average volume of 2,610,181. The stock has a 50-day moving average of $218.87 and a 200-day moving average of $209.88. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $98.74 billion, a price-to-earnings ratio of 54.30, a price-to-earnings-growth ratio of 1.24 and a beta of 0.82. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same period in the prior year, the company posted $2.79 earnings per share. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. As a group, research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 13th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.22%. American Tower's dividend payout ratio is 174.81%.

Analyst Ratings Changes

AMT has been the topic of a number of research analyst reports. Barclays increased their price objective on shares of American Tower from $223.00 to $246.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Morgan Stanley initiated 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. HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective on the stock. in a research report on Wednesday. Royal Bank Of Canada upped 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. Finally, UBS Group upped their target price on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $243.00.

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.