Raymond James Trust N.A. raised its holdings in shares of American Tower Co. (NYSE:AMT – Get Rating) by 9.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,035 shares of the real estate investment trust’s stock after buying an additional 1,099 shares during the quarter. Raymond James Trust N.A.’s holdings in American Tower were worth $3,332,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Pinnacle Holdings LLC purchased a new stake in shares of American Tower during the first quarter worth $29,000. Financial Management Professionals Inc. grew its holdings in shares of American Tower by 63.5% in the second quarter. Financial Management Professionals Inc. now owns 121 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 47 shares during the period. Rational Advisors LLC grew its holdings in shares of American Tower by 70.2% in the first quarter. Rational Advisors LLC now owns 143 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 59 shares during the period. IAG Wealth Partners LLC grew its holdings in shares of American Tower by 84.5% in the fourth quarter. IAG Wealth Partners LLC now owns 131 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 60 shares during the period. Finally, MCF Advisors LLC purchased a new stake in shares of American Tower in the first quarter valued at about $38,000. Hedge funds and other institutional investors own 91.03% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on AMT. Bank of America began coverage on shares of American Tower in a report on Sunday, June 5th. They issued a “buy” rating and a $315.00 price objective for the company. Jefferies Financial Group dropped their price objective on shares of American Tower from $308.00 to $293.00 and set a “buy” rating for the company in a report on Thursday, June 30th. Morgan Stanley upped their price objective on shares of American Tower from $252.00 to $257.00 and gave the company an “equal weight” rating in a report on Friday, September 16th. Credit Suisse Group started coverage on shares of American Tower in a research report on Wednesday, June 22nd. They issued an “outperform” rating and a $313.00 target price on the stock. Finally, Royal Bank of Canada upped their target price on shares of American Tower from $282.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, August 4th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $291.29.
Insider Activity at American Tower
American Tower Stock Down 0.6 %
Shares of AMT opened at $232.78 on Friday. The stock has a market capitalization of $108.38 billion, a PE ratio of 38.29, a P/E/G ratio of 2.13 and a beta of 0.48. American Tower Co. has a 1 year low of $220.00 and a 1 year high of $294.40. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.65 and a current ratio of 0.65. The company’s 50-day simple moving average is $261.27 and its 200-day simple moving average is $253.48.
American Tower (NYSE:AMT – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.99. The business had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.64 billion. American Tower had a net margin of 27.23% and a return on equity of 28.93%. The business’s quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 earnings per share. Analysts forecast that American Tower Co. will post 9.49 earnings per share for the current fiscal year.
American Tower Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Tuesday, October 11th will be issued a $1.47 dividend. This is a boost from American Tower’s previous quarterly dividend of $1.43. This represents a $5.88 annualized dividend and a yield of 2.53%. American Tower’s dividend payout ratio (DPR) 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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