American Tower Corporation (NYSE:AMT) Shares Acquired by Outfitter Financial LLC

Outfitter Financial LLC increased its position in shares of American Tower Corporation (NYSE:AMT) by 9.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,980 shares of the real estate investment trust’s stock after purchasing an additional 350 shares during the quarter. Outfitter Financial LLC’s holdings in American Tower were worth $866,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in AMT. Cohen & Steers Inc. grew its holdings 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 in the last quarter. Geode Capital Management LLC lifted its stake in shares of American Tower by 1.2% in 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 during the last quarter. FMR LLC lifted its stake in shares of American Tower by 5.0% in the 4th 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 stake in shares of American Tower by 66.5% in the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock valued at $1,570,547,000 after purchasing an additional 3,421,413 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of American Tower in the 4th quarter valued at $1,164,851,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Up 0.7%

NYSE AMT traded up $1.58 on Friday, hitting $224.62. 238,359 shares of the stock traded hands, compared to its average volume of 2,495,997. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. The stock has a 50-day moving average of $216.43 and a 200 day moving average of $207.09. The company has a market capitalization of $105.15 billion, a P/E ratio of 57.71, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.79 EPS. As a group, analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.03%. American Tower’s dividend payout ratio (DPR) is presently 174.81%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. UBS Group upped their price target on American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Raymond James Financial increased their price target on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research report on Wednesday, April 30th. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They issued a “buy” rating and a $255.00 price target on the stock. Scotiabank increased their price target on American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 30th. Finally, Morgan Stanley began coverage on American Tower in a research report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price target on the stock. Two investment 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. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $240.88.

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.