American Tower Co. (NYSE:AMT) Shares Sold by Portside Wealth Group LLC

Portside Wealth Group LLC lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 5.8% in the 1st quarter, Holdings Channel reports. The fund owned 5,331 shares of the real estate investment trust’s stock after selling 328 shares during the quarter. Portside Wealth Group LLC’s holdings in American Tower were worth $1,160,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Veracity Capital LLC increased its holdings 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 purchasing an additional 56 shares during the last quarter. Nixon Peabody Trust Co. boosted its position in shares of American Tower by 6.6% during the 1st quarter. Nixon Peabody Trust Co. now owns 44,520 shares of the real estate investment trust’s stock valued at $9,688,000 after acquiring an additional 2,774 shares during the last quarter. Financial Management Professionals Inc. grew its holdings in shares of American Tower by 5.8% in the first quarter. Financial Management Professionals Inc. now owns 1,925 shares of the real estate investment trust’s stock valued at $419,000 after purchasing an additional 106 shares during the period. Sendero Wealth Management LLC acquired a new stake in American Tower during the first quarter worth about $218,000. Finally, Strategic Planning Group LLC increased its position in American Tower by 15.5% during the first quarter. Strategic Planning Group LLC now owns 24,046 shares of the real estate investment trust’s stock worth $5,233,000 after purchasing an additional 3,230 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AMT shares. Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Bank of America initiated coverage on American Tower in a research report on Monday, May 19th. They issued a “buy” rating and a $255.00 price objective for the company. BMO Capital Markets upped their price target on American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Citigroup raised their price objective on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Finally, UBS Group upped their target price on shares of American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $240.25.

American Tower Stock Performance

Shares of AMT opened at $213.69 on Wednesday. The stock has a 50-day simple moving average of $215.28 and a 200-day simple moving average of $202.50. The stock has a market capitalization of $100.04 billion, a PE ratio of 90.16, a PEG ratio of 1.29 and a beta of 0.82. American Tower Co. has a 1 year low of $172.51 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last announced 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. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business’s revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.79 EPS. On average, analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.18%. American Tower’s dividend payout ratio is presently 174.81%.

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.