Wealth Effects LLC Sells 1,996 Shares of American Tower Corporation (NYSE:AMT)

Wealth Effects LLC cut its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 46.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,308 shares of the real estate investment trust's stock after selling 1,996 shares during the period. Wealth Effects LLC's holdings in American Tower were worth $502,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AMT. Brighton Jones LLC raised its holdings in shares of American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after buying an additional 2,104 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its position in American Tower by 23.7% in the 4th quarter. Pine Valley Investments Ltd Liability Co now owns 12,585 shares of the real estate investment trust's stock valued at $2,320,000 after acquiring an additional 2,412 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of American Tower by 89.5% in the fourth quarter. Illinois Municipal Retirement Fund now owns 5,936 shares of the real estate investment trust's stock worth $1,089,000 after acquiring an additional 2,804 shares during the last quarter. Advisor OS LLC lifted its position in shares of American Tower by 15.4% during the fourth quarter. Advisor OS LLC now owns 1,194 shares of the real estate investment trust's stock worth $219,000 after purchasing an additional 159 shares in the last quarter. Finally, Checchi Capital Advisers LLC lifted its position in shares of American Tower by 5.9% during the fourth quarter. Checchi Capital Advisers LLC now owns 6,052 shares of the real estate investment trust's stock worth $1,110,000 after purchasing an additional 336 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on AMT shares. Barclays boosted their price objective on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. JMP Securities boosted 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. Royal Bank Of Canada upped their price target on American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. UBS Group raised their price target on American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Finally, Wells Fargo & Company boosted their price objective on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $240.25.

American Tower Trading Down 1.2%

Shares of American Tower stock traded down $2.58 during trading on Thursday, hitting $217.64. 2,040,063 shares of the company were exchanged, compared to its average volume of 2,494,089. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $101.89 billion, a P/E ratio of 55.95, a price-to-earnings-growth ratio of 1.66 and a beta of 0.81. The firm's fifty day moving average price is $215.90 and its 200 day moving average price is $203.66. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm earned $2.79 EPS. American Tower's quarterly revenue was down 9.6% compared to the same quarter last year. As a group, sell-side analysts expect 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. Stockholders of record on Friday, June 13th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio (DPR) is 174.81%.

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.