Sumitomo Mitsui Trust Group Inc. Has $270.77 Million Holdings in American Tower Corporation (NYSE:AMT)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,244,339 shares of the real estate investment trust's stock after selling 39,180 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.27% of American Tower worth $270,768,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new position in American Tower in the fourth quarter valued at $1,164,851,000. Cohen & Steers Inc. lifted its holdings in American Tower by 21.8% in the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock valued at $3,516,890,000 after buying an additional 3,437,602 shares during the period. Capital Research Global Investors lifted its holdings in American Tower by 66.5% in the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock valued at $1,570,547,000 after buying an additional 3,421,413 shares during the period. Capital World Investors lifted its holdings in American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock valued at $902,396,000 after buying an additional 3,032,005 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in American Tower by 23,627.3% in the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after buying an additional 1,694,784 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AMT. Scotiabank upped their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. Barclays upped their price objective on shares of American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a report on Friday, March 21st. JMP Securities upped their price objective on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. 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. Finally, UBS Group upped their price objective 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. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, American Tower has an average rating of "Buy" and a consensus price target of $240.25.

American Tower Trading Up 0.2%

Shares of AMT stock opened at $218.06 on Friday. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. 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 50-day simple moving average of $215.69 and a two-hundred day simple moving average of $203.85. The company has a market capitalization of $102.08 billion, a price-to-earnings ratio of 56.06, a PEG ratio of 1.61 and a beta of 0.81.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data 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. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the prior year, the firm posted $2.79 EPS. The firm's quarterly revenue was down 9.6% compared to the same quarter last year. Research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Friday, June 13th. American Tower's dividend 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.

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