American Tower Co. (NYSE:AMT) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC trimmed its stake in shares of American Tower Co. (NYSE:AMT) by 7.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 61,495 shares of the real estate investment trust’s stock after selling 4,900 shares during the quarter. Rafferty Asset Management LLC’s holdings in American Tower were worth $11,279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Minot DeBlois Advisors LLC acquired a new stake in shares of American Tower during the 4th quarter worth approximately $29,000. Roxbury Financial LLC acquired a new stake in shares of American Tower during the 4th quarter worth approximately $32,000. Graney & King LLC acquired a new stake in shares of American Tower during the 4th quarter worth approximately $32,000. Crowley Wealth Management Inc. bought a new position in American Tower in the 4th quarter worth approximately $37,000. Finally, Bank of Jackson Hole Trust bought a new position in American Tower in the 4th quarter worth approximately $46,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AMT has been the subject of a number of recent analyst reports. UBS Group increased their price objective on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, April 30th. Wells Fargo & Company increased their price objective on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. Royal Bank of Canada increased their price objective on American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Citigroup increased their price objective on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, Citizens Jmp raised American Tower to a “strong-buy” rating in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $239.27.

American Tower Stock Performance

AMT opened at $213.24 on Friday. The firm has a market cap of $99.83 billion, a PE ratio of 89.97, a P/E/G ratio of 1.29 and a beta of 0.86. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The business has a fifty day simple moving average of $214.94 and a 200-day simple moving average of $201.63. American Tower Co. has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.

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. As a group, equities analysts predict that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s dividend payout ratio is presently 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.