Cary Street Partners Financial LLC Takes $3.03 Million Position in American Tower Co. (NYSE:AMT)

Cary Street Partners Financial LLC acquired a new stake in shares of American Tower Co. (NYSE:AMT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 16,503 shares of the real estate investment trust’s stock, valued at approximately $3,027,000.

A number of other hedge funds have also bought and sold shares of the company. Partners Group Holding AG lifted its holdings in American Tower by 8.3% during the 4th quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust’s stock valued at $69,438,000 after buying an additional 28,988 shares in the last quarter. TigerOak Management L.L.C. acquired a new stake in American Tower in the fourth quarter valued at approximately $1,102,000. Brookstone Capital Management increased its position in shares of American Tower by 29.0% during the fourth quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock worth $1,629,000 after purchasing an additional 1,995 shares in the last quarter. Aviva PLC lifted its holdings in shares of American Tower by 13.4% during the 4th quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust’s stock valued at $71,252,000 after purchasing an additional 46,009 shares during the last quarter. Finally, CCLA Investment Management boosted its position in shares of American Tower by 5.5% in the 4th quarter. CCLA Investment Management now owns 432,891 shares of the real estate investment trust’s stock worth $79,344,000 after purchasing an additional 22,523 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Up 0.1 %

Shares of AMT opened at $224.19 on Wednesday. The company’s 50-day moving average price is $214.45 and its 200 day moving average price is $202.02. American Tower Co. has a 12-month low of $172.51 and a 12-month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a market cap of $104.80 billion, a P/E ratio of 94.59, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS 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 quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the business posted $2.79 earnings per share. On average, sell-side analysts forecast that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, April 11th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.03%. This is a positive change from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio is currently 174.81%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AMT. Barclays boosted their price objective on shares of American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a report on Friday, March 21st. JMP Securities upped their price target on American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a report on Wednesday, April 30th. Mizuho dropped their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Scotiabank upped their target price on American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 30th. Finally, BMO Capital Markets raised their price target on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. 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, American Tower presently has a consensus rating of “Buy” and an average price target of $239.27.

American Tower Company 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.