American Tower Corporation (NYSE:AMT) Stock Position Lifted by Grove Bank & Trust

Grove Bank & Trust lifted its position in American Tower Corporation (NYSE:AMT) by 49.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,147 shares of the real estate investment trust’s stock after acquiring an additional 711 shares during the quarter. Grove Bank & Trust’s holdings in American Tower were worth $467,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in American Tower in the fourth quarter worth $1,164,851,000. Cohen & Steers Inc. raised 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 worth $3,516,890,000 after purchasing an additional 3,437,602 shares during the period. Capital Research Global Investors lifted its position 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 worth $1,570,547,000 after buying an additional 3,421,413 shares during the last quarter. Capital World Investors boosted its holdings in shares of American Tower by 160.6% in the 4th quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock valued at $902,396,000 after buying an additional 3,032,005 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock valued at $370,346,000 after buying an additional 1,694,784 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on AMT shares. Barclays raised their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Royal Bank Of Canada increased their price target on American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Raymond James Financial boosted their price objective on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research report on Wednesday, April 30th. UBS Group upped their price objective on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday, April 30th. Finally, Scotiabank raised their target price on American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $240.25.

American Tower Stock Performance

AMT stock opened at $215.14 on Wednesday. The company has a 50-day simple moving average of $215.28 and a 200 day simple moving average of $203.16. The company has a market capitalization of $100.72 billion, a P/E ratio of 55.31, a PEG ratio of 1.60 and a beta of 0.81. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation 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 results 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. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. American Tower’s revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.79 EPS. Sell-side analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

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

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.