Topsail Wealth Management LLC Purchases Shares of 1,603 American Tower Corporation (NYSE:AMT)

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

Several other large investors have also recently bought and sold shares of the business. Cohen & Steers Inc. raised its position in American Tower by 21.8% during 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. Geode Capital Management LLC raised its position in American Tower by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust's stock valued at $2,074,956,000 after buying an additional 129,192 shares during the period. FMR LLC raised its position in American Tower by 5.0% during the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust's stock valued at $2,050,390,000 after buying an additional 537,136 shares during the period. Capital Research Global Investors raised its position in American Tower by 66.5% during 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. Finally, Norges Bank acquired a new position in American Tower during the fourth quarter valued at $1,164,851,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Performance

NYSE:AMT traded down $0.70 during mid-day trading on Thursday, hitting $221.13. 1,459,191 shares of the company's stock traded hands, compared to its average volume of 2,507,390. The firm has a 50 day moving average of $216.48 and a two-hundred day moving average of $205.79. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The firm has a market capitalization of $103.52 billion, a price-to-earnings ratio of 56.85, a price-to-earnings-growth ratio of 1.65 and a beta of 0.82. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43.

American Tower (NYSE:AMT - Get Free Report) last announced 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. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company earned $2.79 EPS. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. On average, equities analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be issued a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.08%. American Tower's dividend payout ratio (DPR) is 174.81%.

Analyst Ratings Changes

Several research analysts have weighed in on AMT shares. Royal Bank Of Canada upped their target price on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Raymond James Financial upped their target price on American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, April 30th. UBS Group upped their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday. JMP Securities upped their target price on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company upped their target price on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $240.88.

American Tower 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.