Kennebec Savings Bank Boosts Stake in American Tower Co. (NYSE:AMT)

Kennebec Savings Bank lifted its holdings in American Tower Co. (NYSE:AMT) by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,131 shares of the real estate investment trust’s stock after buying an additional 72 shares during the quarter. Kennebec Savings Bank’s holdings in American Tower were worth $464,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Partners Group Holding AG boosted its stake in shares of American Tower by 8.3% in the fourth quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust’s stock valued at $69,438,000 after buying an additional 28,988 shares in the last quarter. TigerOak Management L.L.C. purchased a new stake in shares of American Tower in the fourth quarter valued at approximately $1,102,000. Aviva PLC boosted its stake in shares of American Tower by 13.4% in the fourth quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust’s stock valued at $71,252,000 after buying an additional 46,009 shares in the last quarter. LGT Group Foundation boosted its stake in shares of American Tower by 16.9% in the fourth quarter. LGT Group Foundation now owns 42,608 shares of the real estate investment trust’s stock valued at $7,815,000 after buying an additional 6,165 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of American Tower in the fourth quarter valued at approximately $193,246,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Down 1.7%

Shares of NYSE:AMT opened at $212.57 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 52-week low of $172.51 and a 52-week high of $243.56. The stock’s fifty day simple moving average is $215.09 and its 200-day simple moving average is $202.79. The company has a market capitalization of $99.51 billion, a P/E ratio of 89.69, a P/E/G ratio of 1.29 and a beta of 0.82.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the prior year, the business earned $2.79 earnings per share. The business’s revenue was down 9.6% on a year-over-year basis. As a group, equities research analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.20%. American Tower’s dividend payout ratio is currently 174.81%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AMT. Wells Fargo & Company lifted their price target on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Royal Bank of Canada boosted their target price on American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Bank of America initiated coverage on American Tower in a research report on Monday, May 19th. They set a “buy” rating and a $255.00 target price on the stock. Finally, Scotiabank boosted their target price on American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $240.25.

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.