Topsail Wealth Management LLC Takes Position in American Tower Corporation (NYSE:AMT)

Topsail Wealth Management LLC acquired a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,603 shares of the real estate investment trust's stock, valued at approximately $349,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of American Tower in the fourth quarter valued at about $1,164,851,000. Cohen & Steers Inc. raised its position in shares of American Tower by 21.8% during the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock worth $3,516,890,000 after purchasing an additional 3,437,602 shares during the last quarter. Capital Research Global Investors lifted its stake in American Tower by 66.5% in the 4th 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 in the last quarter. Capital World Investors grew its holdings in American Tower by 160.6% during the 4th 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 last quarter. Finally, GAMMA Investing LLC increased its position in American Tower by 23,627.3% during the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock worth $370,346,000 after buying an additional 1,694,784 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. UBS Group upped their target price on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday. Barclays upped their price target on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. JMP Securities lifted their price objective on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. Scotiabank lifted their target price on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Finally, Bank of America started coverage on shares of American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective on the stock. Two 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 stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $240.88.

American Tower Stock Down 0.9%

Shares of NYSE AMT traded down $1.96 during mid-day trading on Friday, reaching $219.05. 1,358,450 shares of the company's stock were exchanged, compared to its average volume of 2,503,799. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. The business has a fifty day simple moving average of $216.39 and a 200 day simple moving average of $206.03. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The firm has a market capitalization of $102.55 billion, a price-to-earnings ratio of 56.31, a PEG ratio of 1.64 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data 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 17.34% and a return on equity of 30.20%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period last year, the company earned $2.79 earnings per share. The firm's revenue was down 9.6% compared to the same quarter last year. As a group, equities analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were paid a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.10%. American Tower's dividend payout ratio is 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.