Fiduciary Group LLC Cuts Stock Position in American Tower Corporation (NYSE:AMT)

Fiduciary Group LLC decreased its stake in shares of American Tower Corporation (NYSE:AMT) by 0.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,576 shares of the real estate investment trust’s stock after selling 60 shares during the quarter. Fiduciary Group LLC’s holdings in American Tower were worth $7,306,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Cohen & Steers Inc. raised its position 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 worth $3,516,890,000 after purchasing an additional 3,437,602 shares during the last quarter. Geode Capital Management LLC increased its stake in 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 valued at $2,074,956,000 after purchasing an additional 129,192 shares in the last quarter. FMR LLC raised its holdings in 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 worth $2,050,390,000 after buying an additional 537,136 shares during the last quarter. Capital Research Global Investors lifted its stake 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 buying an additional 3,421,413 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of American Tower during the fourth quarter valued at approximately $1,164,851,000. 92.69% of the stock is owned by institutional investors.

American Tower Price Performance

Shares of NYSE:AMT opened at $223.32 on Wednesday. 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 stock has a market capitalization of $104.54 billion, a PE ratio of 57.44, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82. The firm’s 50 day moving average price is $215.82 and its 200-day moving average price is $204.23. American Tower Corporation has a twelve month low of $172.51 and a twelve month 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 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.34. The business 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%. The company’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the firm earned $2.79 earnings per share. Equities research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be given 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 3.05%. American Tower’s dividend payout ratio (DPR) is presently 174.81%.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of recent analyst reports. Raymond James Financial boosted their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Bank of America started coverage on American Tower in a report on Monday, May 19th. They issued a “buy” rating and a $255.00 target price for the company. Wells Fargo & Company upped their price target on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. JMP Securities increased their price objective on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research report on Wednesday, April 30th. Finally, UBS Group boosted their target price on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus 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.