American Tower Corporation (NYSE:AMT) Shares Sold by Retirement Planning Co of New England Inc.

Retirement Planning Co of New England Inc. reduced its holdings in American Tower Corporation (NYSE:AMT) by 64.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,209 shares of the real estate investment trust’s stock after selling 2,180 shares during the period. Retirement Planning Co of New England Inc.’s holdings in American Tower were worth $263,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. North Capital Inc. acquired a new position in American Tower in the 1st quarter valued at about $25,000. Minot DeBlois Advisors LLC purchased a new position in American Tower in the 4th quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in American Tower during the 1st quarter worth about $31,000. Graney & King LLC acquired a new position in American Tower during the 4th quarter worth approximately $32,000. Finally, Lowe Wealth Advisors LLC increased its holdings in American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 109 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. Raymond James Financial boosted their price objective on shares of American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. Scotiabank raised their price target on American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, April 30th. Morgan Stanley assumed coverage on shares of American Tower in a report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price objective on the stock. Finally, Royal Bank Of Canada raised their price target on American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Two 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 stock presently has an average rating of “Buy” and an average price target of $240.88.

American Tower Price Performance

Shares of American Tower stock opened at $223.27 on Friday. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The business’s fifty day moving average price is $216.43 and its 200 day moving average price is $207.09. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. The stock has a market capitalization of $104.52 billion, a P/E ratio of 57.40, a PEG ratio of 1.66 and a beta of 0.82.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) 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 business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm earned $2.79 earnings per share. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.05%. American Tower’s payout ratio is 174.81%.

About American Tower

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.