Mayflower Financial Advisors LLC raised its holdings in American Tower Co. (NYSE:AMT – Get Rating) by 2.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,628 shares of the real estate investment trust’s stock after purchasing an additional 267 shares during the period. Mayflower Financial Advisors LLC’s holdings in American Tower were worth $2,716,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pinnacle Holdings LLC acquired a new position in shares of American Tower in the 1st quarter valued at approximately $29,000. Financial Management Professionals Inc. raised its position in shares of American Tower by 63.5% in the 2nd quarter. Financial Management Professionals Inc. now owns 121 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 47 shares in the last quarter. Rational Advisors LLC raised its position in shares of American Tower by 70.2% in the 1st quarter. Rational Advisors LLC now owns 143 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 59 shares in the last quarter. IAG Wealth Partners LLC raised its position in shares of American Tower by 84.5% in the 4th quarter. IAG Wealth Partners LLC now owns 131 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 60 shares in the last quarter. Finally, MCF Advisors LLC acquired a new position in shares of American Tower in the 1st quarter valued at approximately $38,000. 91.03% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on AMT. Citigroup dropped their target price on shares of American Tower from $300.00 to $290.00 and set a “buy” rating for the company in a research report on Monday, July 18th. JPMorgan Chase & Co. upgraded shares of American Tower from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $245.00 to $285.00 in a research report on Tuesday, June 21st. Bank of America began coverage on shares of American Tower in a research report on Sunday, June 5th. They set a “buy” rating and a $315.00 price objective for the company. Barclays upped their price objective on shares of American Tower from $284.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, August 26th. Finally, Credit Suisse Group began coverage on shares of American Tower in a research report on Wednesday, June 22nd. They set an “outperform” rating and a $313.00 price objective for the company. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and an average price target of $291.29.
American Tower Trading Down 1.7 %
Shares of NYSE:AMT traded down $3.97 during trading on Friday, reaching $228.81. The stock had a trading volume of 1,906,823 shares, compared to its average volume of 1,901,694. The firm’s fifty day moving average is $261.27 and its 200 day moving average is $253.48. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.65 and a current ratio of 0.65. American Tower Co. has a 52 week low of $220.00 and a 52 week high of $294.40. The stock has a market cap of $106.53 billion, a price-to-earnings ratio of 38.29, a P/E/G ratio of 2.13 and a beta of 0.48.
American Tower (NYSE:AMT – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.99. American Tower had a net margin of 27.23% and a return on equity of 28.93%. The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period in the prior year, the firm posted $2.42 EPS. The company’s quarterly revenue was up 16.3% on a year-over-year basis. As a group, equities analysts forecast that American Tower Co. will post 9.49 EPS for the current fiscal year.
American Tower Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Tuesday, October 11th will be paid a $1.47 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.43. This represents a $5.88 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Friday, October 7th. American Tower’s dividend payout ratio is currently 94.08%.
American Tower Company Profile
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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