West Coast Financial LLC lowered its position in American Tower Co. (NYSE:AMT - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,118 shares of the real estate investment trust's stock after selling 1,214 shares during the quarter. American Tower makes up about 1.0% of West Coast Financial LLC's portfolio, making the stock its 25th biggest position. West Coast Financial LLC's holdings in American Tower were worth $9,165,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Annex Advisory Services LLC bought a new stake in American Tower during the 1st quarter valued at $230,000. Oak Asset Management LLC boosted its position in American Tower by 10.8% during the 1st quarter. Oak Asset Management LLC now owns 14,612 shares of the real estate investment trust's stock valued at $3,180,000 after acquiring an additional 1,420 shares in the last quarter. Breakwater Capital Group bought a new stake in American Tower during the 1st quarter valued at $213,000. Charles Schwab Trust Co boosted its position in American Tower by 6.7% during the 1st quarter. Charles Schwab Trust Co now owns 1,235 shares of the real estate investment trust's stock valued at $269,000 after acquiring an additional 78 shares in the last quarter. Finally, Salvus Wealth Management LLC boosted its position in American Tower by 3.3% during the 1st quarter. Salvus Wealth Management LLC now owns 7,791 shares of the real estate investment trust's stock valued at $1,695,000 after acquiring an additional 249 shares in the last quarter. Institutional investors own 92.69% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have issued reports on AMT shares. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 target price on the stock. UBS Group raised their price objective on American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. Hsbc Global Res raised American Tower to a "strong-buy" rating in a research report on Thursday, February 27th. Barclays raised their price objective on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Finally, Royal Bank of Canada raised their price objective on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $240.25.
Check Out Our Latest Research Report on American Tower
American Tower Stock Performance
AMT stock traded up $1.78 during midday trading on Thursday, reaching $216.14. The stock had a trading volume of 2,526,711 shares, compared to its average volume of 2,499,328. The stock has a market cap of $101.18 billion, a PE ratio of 91.20, a P/E/G ratio of 1.29 and a beta of 0.82. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a fifty day simple moving average of $215.26 and a two-hundred day simple moving average of $202.58. American Tower Co. has a 52-week low of $172.51 and a 52-week 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, beating analysts' consensus estimates of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company's revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the business posted $2.79 EPS. As a group, equities research analysts anticipate that American Tower Co. will post 10.14 EPS for the current year.
American Tower Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.15%. American Tower's payout ratio is currently 174.81%.
American Tower Company Profile
(
Free Report)
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.
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