Plimoth Trust Co. LLC Has $437,000 Position in American Tower Corporation (NYSE:AMT)

Plimoth Trust Co. LLC raised its stake in American Tower Corporation (NYSE:AMT) by 13.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,010 shares of the real estate investment trust’s stock after buying an additional 240 shares during the period. Plimoth Trust Co. LLC’s holdings in American Tower were worth $437,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in American Tower during the 4th quarter worth approximately $1,164,851,000. Cohen & Steers Inc. boosted its position in American Tower by 21.8% during the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock valued at $3,516,890,000 after acquiring an additional 3,437,602 shares during the last quarter. Capital Research Global Investors boosted its position in American Tower by 66.5% during the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock valued at $1,570,547,000 after acquiring an additional 3,421,413 shares during the last quarter. Capital World Investors grew its stake in American Tower by 160.6% during the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock worth $902,396,000 after purchasing an additional 3,032,005 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of American Tower by 23,627.3% during the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock worth $370,346,000 after buying an additional 1,694,784 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Raymond James Financial increased their target price on shares of American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, April 30th. Bank of America assumed coverage on shares of American Tower in a research report on Monday, May 19th. They set a “buy” rating and a $255.00 price objective on the stock. Royal Bank Of Canada raised their target price on American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Morgan Stanley began coverage on American Tower in a research note on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price target on the stock. Finally, Barclays raised their price objective on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $240.25.

American Tower Stock Performance

Shares of AMT stock opened at $215.50 on Thursday. 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 50-day moving average of $215.43 and a 200-day moving average of $203.25. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The company has a market cap of $100.88 billion, a P/E ratio of 55.40, a P/E/G ratio of 1.60 and a beta of 0.81.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating 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 firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the business posted $2.79 EPS. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. Equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be given a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.16%. American Tower’s dividend payout ratio is currently 174.81%.

American Tower Company 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.