Forbes J M & Co. LLP trimmed its holdings in American Tower Co. (NYSE:AMT – Get Rating) by 1.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,896 shares of the real estate investment trust’s stock after selling 352 shares during the quarter. Forbes J M & Co. LLP’s holdings in American Tower were worth $5,752,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of American Tower by 6.7% in the 4th quarter. BlackRock Inc. now owns 36,636,712 shares of the real estate investment trust’s stock valued at $10,716,237,000 after acquiring an additional 2,302,202 shares during the period. State Street Corp increased its holdings in shares of American Tower by 5.1% in the 4th quarter. State Street Corp now owns 19,702,540 shares of the real estate investment trust’s stock valued at $5,789,646,000 after acquiring an additional 953,582 shares during the period. Geode Capital Management LLC increased its holdings in shares of American Tower by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 8,675,143 shares of the real estate investment trust’s stock valued at $2,531,637,000 after acquiring an additional 136,713 shares during the period. Principal Financial Group Inc. increased its holdings in shares of American Tower by 3.3% in the 4th quarter. Principal Financial Group Inc. now owns 5,114,492 shares of the real estate investment trust’s stock valued at $1,492,053,000 after acquiring an additional 161,751 shares during the period. Finally, Deutsche Bank AG increased its holdings in shares of American Tower by 10.0% in the 4th quarter. Deutsche Bank AG now owns 4,654,065 shares of the real estate investment trust’s stock valued at $1,361,314,000 after acquiring an additional 424,182 shares during the period. 91.00% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of analysts have recently weighed in on AMT shares. Bank of America started coverage on American Tower in a research report on Sunday, June 5th. They issued a “buy” rating and a $315.00 price objective for the company. Morgan Stanley lowered their price objective on American Tower from $268.00 to $252.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 20th. Deutsche Bank Aktiengesellschaft raised their price objective on American Tower from $260.00 to $270.00 and gave the stock a “hold” rating in a research report on Thursday, July 14th. JPMorgan Chase & Co. raised American Tower from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $245.00 to $285.00 in a research report on Tuesday, June 21st. Finally, Credit Suisse Group initiated coverage on American Tower in a research report on Wednesday, June 22nd. They set an “outperform” rating and a $313.00 price target for the company. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $291.69.
Insiders Place Their Bets
American Tower Price Performance
Shares of American Tower stock opened at $272.19 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 3.47. American Tower Co. has a twelve month low of $220.00 and a twelve month high of $303.72. The business has a 50-day moving average price of $256.59 and a 200 day moving average price of $248.36. The firm has a market cap of $126.73 billion, a PE ratio of 44.77, a P/E/G ratio of 2.70 and a beta of 0.46.
American Tower (NYSE:AMT – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.99. American Tower had a return on equity of 28.93% and a net margin of 27.23%. The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same quarter in the previous year, the business earned $2.42 EPS. American Tower’s revenue for the quarter was up 16.3% compared to the same quarter last year. Sell-side analysts predict that American Tower Co. will post 9.37 earnings per share for the current fiscal year.
American Tower Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Friday, June 17th were paid a dividend of $1.43 per share. This is a positive change from American Tower’s previous quarterly dividend of $1.40. This represents a $5.72 annualized dividend and a yield of 2.10%. The ex-dividend date was Thursday, June 16th. American Tower’s payout ratio is 94.08%.
About American Tower
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
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