Parvin Asset Management LLC Invests $130,000 in American Tower Co. (NYSE:AMT)

Parvin Asset Management LLC acquired a new stake in shares of American Tower Co. (NYSE:AMT) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 710 shares of the real estate investment trust’s stock, valued at approximately $130,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of AMT. Cohen & Steers Inc. grew its holdings in shares of American Tower by 21.8% during the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock valued at $3,516,890,000 after purchasing an additional 3,437,602 shares during the last quarter. Geode Capital Management LLC grew its stake in American Tower by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust’s stock worth $2,074,956,000 after buying an additional 129,192 shares during the last quarter. FMR LLC increased its position in American Tower by 5.0% in the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock worth $2,050,390,000 after buying an additional 537,136 shares during the period. Capital Research Global Investors lifted its stake in American Tower by 66.5% in the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock valued at $1,570,547,000 after buying an additional 3,421,413 shares during the last quarter. Finally, Norges Bank bought a new stake in American Tower in the fourth quarter valued at $1,164,851,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AMT has been the topic of several recent research reports. Barclays lifted their price objective on shares of American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Morgan Stanley initiated coverage on American Tower in a research report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price objective for the company. JMP Securities lifted their target price on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research note on Wednesday. Wells Fargo & Company increased their price target on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, UBS Group lifted their price objective on shares of American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $238.33.

American Tower Trading Up 2.0 %

Shares of NYSE:AMT opened at $225.67 on Thursday. The stock has a market capitalization of $105.49 billion, a price-to-earnings ratio of 95.22, a PEG ratio of 1.29 and a beta of 0.87. American Tower Co. has a 1-year low of $171.50 and a 1-year high of $243.56. The company has a 50 day moving average price of $212.54 and a 200 day moving average price of $202.24. 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 released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s revenue was down 9.6% compared to the same quarter last year. During the same period last year, the company posted $2.79 EPS. On average, research analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, April 11th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend was Friday, April 11th. This is an increase from American Tower’s previous quarterly dividend of $1.62. American Tower’s payout ratio is presently 141.37%.

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.