Grant Street Asset Management Inc. Takes Position in American Tower Corporation (NYSE:AMT)

Grant Street Asset Management Inc. acquired a new stake in American Tower Corporation (NYSE:AMT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,068 shares of the real estate investment trust’s stock, valued at approximately $232,000.

A number of other institutional investors have also modified their holdings of AMT. Brighton Jones LLC increased its stake in American Tower by 113.0% during the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock worth $727,000 after acquiring an additional 2,104 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in American Tower in the 4th quarter valued at $235,000. Glenview Trust co increased its holdings in American Tower by 0.8% in the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock valued at $1,294,000 after purchasing an additional 54 shares in the last quarter. Arbor Capital Management Inc. ADV increased its holdings in American Tower by 7.5% in the 4th quarter. Arbor Capital Management Inc. ADV now owns 6,587 shares of the real estate investment trust’s stock valued at $1,221,000 after purchasing an additional 462 shares in the last quarter. Finally, Cibc World Markets Corp increased its holdings in American Tower by 12.0% in the 4th quarter. Cibc World Markets Corp now owns 207,680 shares of the real estate investment trust’s stock valued at $38,091,000 after purchasing an additional 22,234 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 1.2%

Shares of NYSE:AMT opened at $221.78 on Tuesday. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $103.82 billion, a P/E ratio of 57.01, a P/E/G ratio of 1.62 and a beta of 0.82. The business’s 50 day simple moving average is $216.35 and its 200 day simple moving average is $206.61. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 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 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, research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were paid a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.07%. American Tower’s payout ratio is 174.81%.

Wall Street Analyst Weigh In

Several research firms recently commented on AMT. JMP Securities boosted their price target on American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a research report on Wednesday, April 30th. Bank of America began coverage on American Tower in a research note on Monday, May 19th. They issued a “buy” rating and a $255.00 target price for the company. Morgan Stanley began coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price objective for the company. Royal Bank Of Canada upped their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Finally, Raymond James Financial increased their target price on shares of American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. Two research 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’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $240.88.

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.