American Tower Corporation (NYSE:AMT) Shares Bought by Chicago Capital LLC

Chicago Capital LLC raised its stake in shares of American Tower Corporation (NYSE:AMT) by 45.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,963 shares of the real estate investment trust’s stock after purchasing an additional 1,549 shares during the quarter. Chicago Capital LLC’s holdings in American Tower were worth $1,080,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in American Tower in the fourth quarter valued at approximately $1,164,851,000. Cohen & Steers Inc. boosted its holdings in shares of American Tower by 21.8% in the 4th 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 acquiring an additional 3,437,602 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of American Tower by 66.5% in the 4th 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 acquiring an additional 3,421,413 shares during the last quarter. Capital World Investors increased its stake in shares of American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock worth $902,396,000 after acquiring an additional 3,032,005 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of American Tower by 23,627.3% during the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock worth $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Hsbc Global Res raised American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. JMP Securities raised their target price on American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a report on Wednesday, April 30th. Scotiabank lifted their price target on American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 30th. Bank of America initiated coverage on American Tower in a research report on Monday, May 19th. They issued a “buy” rating and a $255.00 price objective on the stock. Finally, UBS Group lifted their target price on shares of American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Two 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 company. According to MarketBeat, American Tower currently has a consensus rating of “Buy” and a consensus price target of $240.25.

American Tower Trading Up 0.1%

Shares of American Tower stock opened at $215.14 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The firm has a market capitalization of $100.72 billion, a PE ratio of 55.31, a P/E/G ratio of 1.60 and a beta of 0.81. The firm’s 50-day moving average price is $215.28 and its 200 day moving average price is $203.16.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the business posted $2.79 earnings per share. The business’s quarterly revenue was down 9.6% compared to the same quarter last year. On average, sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.16%. American Tower’s dividend payout ratio is presently 174.81%.

American Tower 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.