Sagespring Wealth Partners LLC Acquires 1,115 Shares of American Tower Corporation (NYSE:AMT)

Sagespring Wealth Partners LLC increased its stake in American Tower Corporation (NYSE:AMT) by 35.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 4,278 shares of the real estate investment trust’s stock after buying an additional 1,115 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in American Tower were worth $931,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. Glenview Trust co boosted its stake in American Tower by 0.8% in the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after purchasing an additional 54 shares during the period. CreativeOne Wealth LLC lifted its holdings in shares of American Tower by 2.1% in the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock worth $477,000 after buying an additional 54 shares in the last quarter. Veracity Capital LLC boosted its position in shares of American Tower by 4.7% in the first quarter. Veracity Capital LLC now owns 1,237 shares of the real estate investment trust’s stock valued at $269,000 after acquiring an additional 56 shares during the period. Safe Harbor Fiduciary LLC grew its stake in American Tower by 1.1% during the fourth quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust’s stock valued at $978,000 after acquiring an additional 58 shares in the last quarter. Finally, Alliance Wealth Advisors LLC grew its stake in American Tower by 4.6% during the first quarter. Alliance Wealth Advisors LLC now owns 1,503 shares of the real estate investment trust’s stock valued at $327,000 after acquiring an additional 66 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Performance

American Tower stock opened at $215.14 on Wednesday. The firm has a fifty day simple moving average of $215.28 and a two-hundred day simple moving average of $203.16. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The company has a market capitalization of $100.72 billion, a PE ratio of 55.31, a P/E/G ratio of 1.60 and a beta of 0.81.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the company posted $2.79 EPS. American Tower’s revenue for the quarter was down 9.6% on a year-over-year basis. Research analysts expect that American Tower Corporation will post 10.14 EPS for the current 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 paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Friday, June 13th. American Tower’s dividend payout ratio (DPR) is presently 174.81%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AMT. Morgan Stanley initiated coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price target for the company. Barclays lifted their price objective on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a research note on Thursday, February 27th. UBS Group raised their price target on American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Finally, Raymond James Financial boosted their price objective on American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Two investment 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. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $240.25.

American Tower 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.