American Tower Co. (NYSE:AMT) Stake Lifted by Great Lakes Advisors LLC

Great Lakes Advisors LLC increased its stake in shares of American Tower Co. (NYSE:AMTGet Rating) by 9.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,550 shares of the real estate investment trust’s stock after buying an additional 2,105 shares during the quarter. Great Lakes Advisors LLC’s holdings in American Tower were worth $6,168,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. grew its stake in shares of American Tower by 6.7% in the fourth quarter. BlackRock Inc. now owns 36,636,712 shares of the real estate investment trust’s stock worth $10,716,237,000 after purchasing an additional 2,302,202 shares in the last quarter. State Street Corp grew its stake in shares of American Tower by 5.1% in the fourth quarter. State Street Corp now owns 19,702,540 shares of the real estate investment trust’s stock worth $5,789,646,000 after purchasing an additional 953,582 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of American Tower by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,675,143 shares of the real estate investment trust’s stock worth $2,531,637,000 after purchasing an additional 136,713 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of American Tower by 3.3% in the fourth quarter. Principal Financial Group Inc. now owns 5,114,492 shares of the real estate investment trust’s stock worth $1,492,053,000 after purchasing an additional 161,751 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of American Tower by 10.0% in the fourth quarter. Deutsche Bank AG now owns 4,654,065 shares of the real estate investment trust’s stock worth $1,361,314,000 after purchasing an additional 424,182 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

American Tower Stock Performance

Shares of NYSE AMT opened at $272.19 on Friday. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market cap of $126.73 billion, a price-to-earnings ratio of 44.77, a P/E/G ratio of 2.70 and a beta of 0.46. The business’s 50-day simple moving average is $256.59 and its 200-day simple moving average is $248.36. American Tower Co. has a 52 week low of $220.00 and a 52 week high of $303.72.

American Tower (NYSE:AMTGet Rating) last issued its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.99. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.64 billion. American Tower had a return on equity of 28.93% and a net margin of 27.23%. The firm’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.42 EPS. As a group, equities research analysts expect 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 paid a dividend of $1.43 per share. This is an increase from American Tower’s previous quarterly dividend of $1.40. The ex-dividend date was Thursday, June 16th. This represents a $5.72 annualized dividend and a yield of 2.10%. American Tower’s dividend payout ratio is presently 94.08%.

Insider Activity at American Tower

In related news, Director Robert D. Hormats sold 200 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $235.40, for a total transaction of $47,080.00. Following the completion of the sale, the director now owns 6,721 shares in the company, valued at approximately $1,582,123.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Robert D. Hormats sold 150 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $254.53, for a total transaction of $38,179.50. Following the completion of the sale, the director now owns 6,571 shares in the company, valued at approximately $1,672,516.63. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert D. Hormats sold 200 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $235.40, for a total value of $47,080.00. Following the completion of the sale, the director now owns 6,721 shares of the company’s stock, valued at approximately $1,582,123.40. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

AMT has been the subject of several research analyst reports. Credit Suisse Group initiated coverage on American Tower in a report on Wednesday, June 22nd. They issued an “outperform” rating and a $313.00 price objective for the company. Bank of America assumed coverage on American Tower in a report on Sunday, June 5th. They set a “buy” rating and a $315.00 target price for the company. JPMorgan Chase & Co. raised American Tower from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $245.00 to $285.00 in a research note on Tuesday, June 21st. KeyCorp increased their price objective on American Tower from $283.00 to $300.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Jefferies Financial Group reduced their price objective on American Tower from $308.00 to $293.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $291.69.

American Tower Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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