Park Place Capital Corp Buys 4,330 Shares of American Tower Corporation (NYSE:AMT)

Park Place Capital Corp grew its stake in American Tower Corporation (NYSE:AMT) by 70.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,494 shares of the real estate investment trust’s stock after buying an additional 4,330 shares during the quarter. Park Place Capital Corp’s holdings in American Tower were worth $2,283,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in AMT. Cohen & Steers Inc. raised its position in 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 buying an additional 3,437,602 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of American Tower by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust’s stock worth $2,074,956,000 after acquiring an additional 129,192 shares in the last quarter. FMR LLC raised its holdings in shares of American Tower by 5.0% in the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock valued at $2,050,390,000 after purchasing an additional 537,136 shares during the last quarter. Capital Research Global Investors lifted its position in shares of American Tower by 66.5% in the fourth 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 purchasing an additional 3,421,413 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of American Tower in the fourth quarter worth $1,164,851,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AMT. Wells Fargo & Company raised their target price on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, April 30th. Scotiabank increased their price objective on shares of American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 30th. Citigroup lifted their target price on American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Bank of America started coverage on American Tower in a report on Monday, May 19th. They set a “buy” rating and a $255.00 target price on the stock. Finally, Royal Bank Of Canada raised their price target on American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $240.25.

American Tower Stock Performance

AMT opened at $217.64 on Friday. 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 12-month low of $172.51 and a 12-month high of $243.56. The business has a 50 day moving average of $215.79 and a 200-day moving average of $203.72. The stock has a market cap of $101.89 billion, a price-to-earnings ratio of 55.95, a PEG ratio of 1.63 and a beta of 0.81.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the firm posted $2.79 EPS. The company’s quarterly revenue was down 9.6% on a year-over-year basis. On average, equities research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, June 13th. 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.