Cypress Capital LLC trimmed its holdings in shares of American Tower Co. (NYSE:AMT – Get Rating) by 1.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,259 shares of the real estate investment trust’s stock after selling 93 shares during the quarter. Cypress Capital LLC’s holdings in American Tower were worth $1,572,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of AMT. Cassady Schiller Wealth Management LLC purchased a new stake in shares of American Tower during the fourth quarter valued at approximately $25,000. Rational Advisors LLC increased its position in shares of American Tower by 140.0% during the fourth quarter. Rational Advisors LLC now owns 84 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 49 shares during the last quarter. Sandy Cove Advisors LLC purchased a new stake in shares of American Tower during the fourth quarter valued at approximately $27,000. Crewe Advisors LLC purchased a new stake in shares of American Tower during the fourth quarter valued at approximately $28,000. Finally, First Personal Financial Services purchased a new stake in American Tower in the fourth quarter worth $30,000. 91.00% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have issued reports on AMT. Bank of America began coverage on American Tower in a research report on Sunday, June 5th. They issued a “buy” rating and a $315.00 target price for the company. KeyCorp raised their target price on American Tower from $283.00 to $300.00 and gave the stock an “overweight” rating in a research report on Tuesday. Royal Bank of Canada raised their target price on American Tower from $282.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday. Morgan Stanley decreased their target price on American Tower from $268.00 to $252.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 20th. Finally, JPMorgan Chase & Co. raised American Tower from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $245.00 to $285.00 in a report on Tuesday, June 21st. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average target price of $291.69.
Insider Transactions at American Tower
American Tower Price Performance
American Tower stock opened at $272.19 on Friday. American Tower Co. has a 52 week low of $220.00 and a 52 week high of $303.72. The business has a 50-day simple moving average of $256.59 and a 200 day simple moving average of $248.36. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 3.47. The stock has a market cap of $126.73 billion, a price-to-earnings ratio of 44.77, a PEG ratio of 2.70 and a beta of 0.46.
American Tower (NYSE:AMT – Get Rating) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 EPS for the quarter, topping the consensus estimate of $0.96 by $0.99. American Tower had a return on equity of 28.93% and a net margin of 27.23%. The business had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same period in the previous year, the business earned $2.42 earnings per share. The firm’s revenue was up 16.3% on a year-over-year basis. On average, research analysts forecast that American Tower Co. will post 9.37 earnings per share for the current fiscal year.
American Tower Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Friday, June 17th were given a dividend of $1.43 per share. This represents a $5.72 annualized dividend and a yield of 2.10%. This is a boost from American Tower’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Thursday, June 16th. American Tower’s payout ratio is presently 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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