TD Asset Management Inc Acquires 59,769 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• TD Asset Management Inc increased its stake in American Tower Corporation (NYSE:AMT) by 21.3%, owning approximately 340,332 shares valued at $74.06 million by the end of the first quarter.
• American Tower has recently received positive ratings from analysts, including a "buy" rating and target prices as high as $260.00, indicating strong investor confidence in the stock.
• The company announced a quarterly dividend of $1.70 per share, with a dividend yield of 2.96% and a high payout ratio of 174.81%.

TD Asset Management Inc boosted its position in American Tower Corporation (NYSE:AMT - Free Report) by 21.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 340,332 shares of the real estate investment trust's stock after purchasing an additional 59,769 shares during the period. TD Asset Management Inc owned about 0.07% of American Tower worth $74,056,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of AMT. North Capital Inc. acquired a new stake in American Tower during the first quarter worth approximately $25,000. Minot DeBlois Advisors LLC acquired a new stake in American Tower during the fourth quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in American Tower during the first quarter worth 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 worth $35,000 after acquiring an additional 109 shares during the last quarter. Finally, City Holding Co. acquired a new stake in American Tower during the first quarter worth approximately $39,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Price Performance

Shares of NYSE AMT traded up $0.15 during midday trading on Thursday, reaching $208.89. 837,480 shares of the company were exchanged, compared to its average volume of 2,616,207. The stock's 50-day moving average price is $218.76 and its 200-day moving average price is $209.88. The stock has a market cap of $97.79 billion, a P/E ratio of 75.91, a PEG ratio of 1.18 and a beta of 0.82. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. The firm had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The company's revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.79 earnings per share. On average, sell-side analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were paid a dividend of $1.70 per share. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.26%. American Tower's payout ratio is presently 174.81%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AMT. JMP Securities raised their price objective 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. JPMorgan Chase & Co. lifted their price target on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday. The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research report on Tuesday. Bank of America assumed coverage on shares of American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target for the company. Finally, Wells Fargo & Company dropped their price target on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $243.00.

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.