American Tower Co. (NYSE:AMT) Shares Sold by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI lowered its holdings in shares of American Tower Co. (NYSE:AMT) by 0.9% during the 1st quarter, Holdings Channel reports. The fund owned 33,517 shares of the real estate investment trust’s stock after selling 313 shares during the period. Parsons Capital Management Inc. RI’s holdings in American Tower were worth $7,293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of the business. Glenview Trust co raised its stake in shares of American Tower by 0.8% in the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock valued at $1,294,000 after buying an additional 54 shares in the last quarter. CreativeOne Wealth LLC grew its holdings in American Tower by 2.1% during the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock worth $477,000 after acquiring an additional 54 shares during the last quarter. Veracity Capital LLC grew its holdings in American Tower by 4.7% during the 1st quarter. Veracity Capital LLC now owns 1,237 shares of the real estate investment trust’s stock worth $269,000 after acquiring an additional 56 shares during the last quarter. Safe Harbor Fiduciary LLC grew its holdings in American Tower by 1.1% during the 4th quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust’s stock worth $978,000 after acquiring an additional 58 shares during the last quarter. Finally, Sunburst Financial Group LLC boosted its stake in shares of American Tower by 4.9% in the 4th quarter. Sunburst Financial Group LLC now owns 1,354 shares of the real estate investment trust’s stock valued at $248,000 after purchasing an additional 63 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Trading Up 0.1%

AMT stock opened at $212.81 on Tuesday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company has a fifty day moving average price of $215.00 and a two-hundred day moving average price of $202.85. American Tower Co. has a one year low of $172.51 and a one year high of $243.56. The stock has a market cap of $99.62 billion, a price-to-earnings ratio of 89.79, a price-to-earnings-growth ratio of 1.29 and a beta of 0.81.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the business posted $2.79 earnings per share. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. Equities analysts anticipate that American Tower Co. will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be given a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.20%. American Tower’s dividend payout ratio (DPR) is 174.81%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AMT shares. Barclays raised their target price on shares of American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Wells Fargo & Company lifted their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 30th. UBS Group raised their target price on shares of American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, April 30th. Citigroup raised their target price on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, Royal Bank of Canada lifted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Two equities 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. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $240.25.

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.