Toronto Dominion Bank boosted its position in American Tower Corp (NYSE:AMT) by 52.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 437,742 shares of the real estate investment trust’s stock after purchasing an additional 150,487 shares during the period. Toronto Dominion Bank’s holdings in American Tower were worth $86,239,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in AMT. Quantamental Technologies LLC purchased a new stake in shares of American Tower during the 4th quarter valued at $25,000. Canton Hathaway LLC purchased a new stake in shares of American Tower during the 1st quarter valued at $26,000. Lavaca Capital LLC purchased a new stake in shares of American Tower during the 4th quarter valued at $27,000. Acima Private Wealth LLC purchased a new stake in shares of American Tower during the 4th quarter valued at $27,000. Finally, WESPAC Advisors SoCal LLC purchased a new stake in shares of American Tower during the 4th quarter valued at $27,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have recently issued reports on AMT. Royal Bank of Canada boosted their price objective on shares of American Tower from $195.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, May 9th. SunTrust Banks lifted their target price on shares of American Tower to $210.00 and gave the company a “positive” rating in a report on Monday, May 6th. Oppenheimer restated a “market perform” rating and set a $173.00 target price on shares of American Tower in a report on Thursday, February 28th. They noted that the move was a valuation call. Wells Fargo & Co lowered shares of American Tower from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $190.00 to $196.00 in a report on Monday, April 15th. They noted that the move was a valuation call. Finally, Macquarie restated a “buy” rating and set a $210.00 target price on shares of American Tower in a report on Thursday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $180.44.

Shares of AMT stock opened at $198.07 on Wednesday. American Tower Corp has a 12 month low of $134.87 and a 12 month high of $200.38. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 4.31. The firm has a market capitalization of $87.03 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 1.61 and a beta of 0.66.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Friday, May 3rd. The real estate investment trust reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.04. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the previous year, the business posted $0.63 EPS. The firm’s revenue was up 4.1% compared to the same quarter last year. Sell-side analysts forecast that American Tower Corp will post 7.51 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Thursday, April 11th were issued a $0.90 dividend. The ex-dividend date was Wednesday, April 10th. This represents a $3.60 dividend on an annualized basis and a yield of 1.82%. This is a positive change from American Tower’s previous quarterly dividend of $0.84. American Tower’s payout ratio is currently 45.06%.

In other news, EVP Amit Sharma sold 32,500 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $194.35, for a total value of $6,316,375.00. Following the sale, the executive vice president now owns 177,193 shares in the company, valued at approximately $34,437,459.55. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO James D. Taiclet, Jr. sold 11,863 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $195.88, for a total transaction of $2,323,724.44. The disclosure for this sale can be found here. Insiders sold a total of 171,718 shares of company stock worth $33,175,251 in the last quarter. 0.75% of the stock is currently owned by company insiders.

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About American Tower

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 approximately 171,000 communications sites.

Further Reading: What is the Rule of 72?

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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