DAVENPORT & Co LLC Increases Stock Holdings in American Tower Corporation (NYSE:AMT)

DAVENPORT & Co LLC boosted its stake in American Tower Corporation (NYSE:AMT) by 0.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 618,366 shares of the real estate investment trust’s stock after acquiring an additional 1,508 shares during the quarter. DAVENPORT & Co LLC owned about 0.13% of American Tower worth $134,104,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Summit Trail Advisors LLC lifted its holdings in American Tower by 41.1% in the 1st quarter. Summit Trail Advisors LLC now owns 9,050 shares of the real estate investment trust’s stock worth $1,969,000 after buying an additional 2,638 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in American Tower by 1.5% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 60,017 shares of the real estate investment trust’s stock valued at $13,060,000 after purchasing an additional 875 shares during the last quarter. Vontobel Holding Ltd. grew its stake in American Tower by 5.7% during the 1st quarter. Vontobel Holding Ltd. now owns 1,135,995 shares of the real estate investment trust’s stock valued at $247,193,000 after purchasing an additional 61,677 shares in the last quarter. Alta Advisers Ltd increased its holdings in American Tower by 51.7% during the 1st quarter. Alta Advisers Ltd now owns 2,348 shares of the real estate investment trust’s stock worth $511,000 after purchasing an additional 800 shares during the last quarter. Finally, Red Door Wealth Management LLC raised its position in shares of American Tower by 16.0% in the 1st quarter. Red Door Wealth Management LLC now owns 21,806 shares of the real estate investment trust’s stock valued at $4,745,000 after purchasing an additional 3,014 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

AMT stock opened at $220.95 on Tuesday. The company has a market capitalization of $103.44 billion, a P/E ratio of 56.80, a PEG ratio of 1.62 and a beta of 0.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. The company has a 50-day simple moving average of $215.75 and a 200 day simple moving average of $204.09. 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 posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the business earned $2.79 earnings per share. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. Sell-side analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Friday, June 13th. American Tower’s payout ratio is currently 174.81%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price objective on the stock. JMP Securities boosted their price objective on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a report on Wednesday, April 30th. Citigroup upped their price objective on American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Wells Fargo & Company lifted their target price on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Finally, Bank of America began coverage on American Tower in a research report on Monday, May 19th. They set a “buy” rating and a $255.00 price target on the stock. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $240.25.

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.