Fiduciary Trust Co Purchases 920 Shares of American Tower Co. (NYSE:AMT)

Fiduciary Trust Co raised its holdings in shares of American Tower Co. (NYSE:AMT) by 1.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,607 shares of the real estate investment trust’s stock after buying an additional 920 shares during the quarter. Fiduciary Trust Co’s holdings in American Tower were worth $11,116,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Cohen & Steers Inc. grew its stake in American Tower by 21.8% in the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock worth $3,516,890,000 after buying an additional 3,437,602 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of American Tower by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust’s stock valued at $2,074,956,000 after purchasing an additional 129,192 shares in the last quarter. FMR LLC raised its position in American Tower by 5.0% in the 4th quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock worth $2,050,390,000 after purchasing an additional 537,136 shares during the period. Capital Research Global Investors lifted its stake in American Tower by 66.5% in the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock worth $1,570,547,000 after purchasing an additional 3,421,413 shares during the last quarter. Finally, Norges Bank purchased a new stake in American Tower during the fourth quarter valued at about $1,164,851,000. 92.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AMT shares. Morgan Stanley started coverage on American Tower in a research note on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 target price for the company. JMP Securities boosted their price objective on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research report on Wednesday, April 30th. Barclays raised their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a research report on Monday, January 27th. Finally, Citigroup boosted their price objective on shares of American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower has an average rating of “Buy” and a consensus price target of $239.27.

American Tower Stock Performance

Shares of AMT opened at $217.76 on Friday. The business’s 50 day moving average price is $214.88 and its 200-day moving average price is $202.11. The stock has a market cap of $101.79 billion, a P/E ratio of 91.88, a P/E/G ratio of 1.29 and a beta of 0.86. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the business posted $2.79 EPS. American Tower’s revenue was down 9.6% compared to the same quarter last year. Equities research analysts anticipate that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, April 11th were paid a $1.70 dividend. The ex-dividend date was Friday, April 11th. This represents a $6.80 annualized dividend and a dividend yield of 3.12%. This is a boost from American Tower’s previous quarterly dividend of $1.62. American Tower’s payout ratio is currently 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.