American Tower Co. (NYSE:AMT) Position Increased by Eastern Bank

Eastern Bank increased its position in shares of American Tower Co. (NYSE:AMTGet Rating) by 22.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 20,665 shares of the real estate investment trust’s stock after buying an additional 3,744 shares during the quarter. Eastern Bank’s holdings in American Tower were worth $5,192,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Beech Hill Advisors Inc. raised its position in American Tower by 0.3% in the 4th quarter. Beech Hill Advisors Inc. now owns 12,025 shares of the real estate investment trust’s stock worth $3,517,000 after purchasing an additional 40 shares during the last quarter. YHB Investment Advisors Inc. raised its position in American Tower by 4.7% in the 1st quarter. YHB Investment Advisors Inc. now owns 945 shares of the real estate investment trust’s stock worth $237,000 after purchasing an additional 42 shares during the last quarter. JNBA Financial Advisors raised its position in American Tower by 54.4% in the 4th quarter. JNBA Financial Advisors now owns 122 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 43 shares during the last quarter. McIlrath & Eck LLC raised its position in American Tower by 17.6% in the 4th quarter. McIlrath & Eck LLC now owns 287 shares of the real estate investment trust’s stock worth $84,000 after purchasing an additional 43 shares during the last quarter. Finally, PDS Planning Inc raised its position in American Tower by 4.8% in the 1st quarter. PDS Planning Inc now owns 1,023 shares of the real estate investment trust’s stock worth $257,000 after purchasing an additional 47 shares during the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

Shares of NYSE:AMT traded up $2.22 on Friday, reaching $257.81. 14,451 shares of the company’s stock were exchanged, compared to its average volume of 2,115,068. The company has a fifty day moving average of $247.92 and a 200-day moving average of $250.75. American Tower Co. has a twelve month low of $220.00 and a twelve month high of $303.72. The company has a market capitalization of $119.80 billion, a price-to-earnings ratio of 44.22, a PEG ratio of 2.56 and a beta of 0.48. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 4.12.

American Tower (NYSE:AMTGet Rating) last announced its earnings results on Wednesday, April 27th. The real estate investment trust reported $1.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.41 by ($0.85). American Tower had a return on equity of 30.44% and a net margin of 26.72%. The business had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the previous year, the company earned $2.46 EPS. The business’s revenue for the quarter was up 23.2% on a year-over-year basis. As a group, equities research analysts forecast that American Tower Co. will post 9.65 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 8th. Shareholders of record on Friday, June 17th will be given a dividend of $1.43 per share. This represents a $5.72 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Thursday, June 16th. This is a positive change from American Tower’s previous quarterly dividend of $1.40. American Tower’s dividend payout ratio is presently 98.96%.

Several research firms recently weighed in on AMT. StockNews.com started coverage on shares of American Tower in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Jefferies Financial Group reduced their target price on shares of American Tower from $308.00 to $293.00 and set a “buy” rating for the company in a research note on Thursday. Credit Suisse Group initiated coverage on shares of American Tower in a research note on Wednesday, June 22nd. They issued an “outperform” rating and a $313.00 target price for the company. JPMorgan Chase & Co. raised shares of American Tower from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $245.00 to $285.00 in a research report on Tuesday, June 21st. Finally, KeyCorp cut their price target on shares of American Tower from $286.00 to $283.00 and set an “overweight” rating on the stock in a research report on Friday. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $292.07.

In related news, Director Robert D. Hormats sold 200 shares of the stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $235.40, for a total transaction of $47,080.00. Following the sale, the director now owns 6,721 shares in the company, valued at approximately $1,582,123.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rodney M. Smith sold 25,389 shares of the stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $270.00, for a total transaction of $6,855,030.00. Following the sale, the chief financial officer now owns 52,398 shares in the company, valued at approximately $14,147,460. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

American Tower Company Profile (Get Rating)

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

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