Voloridge Investment Management LLC Takes Position in American Tower Co. (NYSE:AMT)

Voloridge Investment Management LLC bought a new stake in American Tower Co. (NYSE:AMT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 57,659 shares of the real estate investment trust's stock, valued at approximately $10,575,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Waverly Advisors LLC grew its stake in American Tower by 11.1% in the fourth quarter. Waverly Advisors LLC now owns 6,068 shares of the real estate investment trust's stock valued at $1,113,000 after purchasing an additional 604 shares during the last quarter. Woodline Partners LP purchased a new stake in shares of American Tower during the fourth quarter worth about $5,219,000. Vident Advisory LLC grew its stake in shares of American Tower by 8.1% during the fourth quarter. Vident Advisory LLC now owns 4,611 shares of the real estate investment trust's stock worth $846,000 after acquiring an additional 347 shares during the last quarter. Sophron Capital Management L.P. purchased a new stake in shares of American Tower during the fourth quarter worth about $12,586,000. Finally, Vienna Asset Management LLC purchased a new stake in shares of American Tower during the fourth quarter worth about $497,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Price Performance

Shares of AMT traded down $0.44 during trading hours on Friday, hitting $213.27. 589,295 shares of the stock were exchanged, compared to its average volume of 2,505,184. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 12-month low of $172.51 and a 12-month high of $243.56. The company has a market cap of $99.84 billion, a price-to-earnings ratio of 90.07, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86. The stock's 50-day moving average price is $215.10 and its two-hundred day moving average price is $202.05.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. During the same period in the previous year, the business earned $2.79 earnings per share. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. Research analysts expect that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently announced 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. This represents a $6.80 annualized dividend and a yield of 3.19%. The ex-dividend date is Friday, June 13th. American Tower's payout ratio is currently 174.81%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Hsbc Global Res raised American Tower to a "strong-buy" rating in a report on Thursday, February 27th. Barclays lifted their target price on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Scotiabank lifted their target price on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. UBS Group lifted their target price on American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Finally, Citigroup boosted their price target on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $240.25.

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.