Phillips Wealth Planners LLC Makes New $413,000 Investment in American Tower Corporation (NYSE:AMT)

Phillips Wealth Planners LLC bought a new position in shares of American Tower Corporation (NYSE:AMT) in the first quarter, HoldingsChannel reports. The firm bought 1,938 shares of the real estate investment trust’s stock, valued at approximately $413,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Minot DeBlois Advisors LLC acquired a new position in American Tower during the fourth quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in American Tower during the first quarter worth about $31,000. Graney & King LLC acquired a new position in American Tower during the fourth quarter worth about $32,000. Lowe Wealth Advisors LLC raised its position in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 109 shares during the last quarter. Finally, Crowley Wealth Management Inc. acquired a new position in shares of American Tower in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AMT. UBS Group boosted their price objective on shares of American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. BMO Capital Markets boosted their price objective on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Hsbc Global Res raised shares of American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Raymond James Financial boosted their price objective on shares of American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Morgan Stanley began coverage on shares of American Tower in a research report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price objective for the company. Two 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 company. According to data from MarketBeat.com, American Tower currently has an average rating of “Buy” and a consensus target price of $240.25.

American Tower Stock Performance

Shares of AMT stock opened at $220.34 on Thursday. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50 day moving average price of $215.90 and a 200 day moving average price of $203.66. The firm has a market capitalization of $103.15 billion, a price-to-earnings ratio of 56.64, a price-to-earnings-growth ratio of 1.66 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the business earned $2.79 earnings per share. The business’s quarterly revenue was down 9.6% compared to the same quarter last year. Sell-side analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Friday, June 13th. American Tower’s payout ratio is currently 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.