Tabor Asset Management LP Makes New Investment in American Tower Corporation (NYSE:AMT)

Tabor Asset Management LP bought a new position in American Tower Corporation (NYSE:AMT) in the 1st quarter, Holdings Channel reports. The firm bought 14,953 shares of the real estate investment trust’s stock, valued at approximately $3,254,000.

Other hedge funds have also made changes to their positions in the company. North Capital Inc. purchased a new stake in American Tower during the first quarter valued at approximately $25,000. Minot DeBlois Advisors LLC purchased a new stake in American Tower in the fourth quarter valued at about $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in American Tower during the first quarter worth about $31,000. Graney & King LLC acquired a new stake in American Tower during the fourth quarter worth about $32,000. Finally, Lowe Wealth Advisors LLC grew its holdings in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 109 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Scotiabank raised their target price on American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 30th. Royal Bank Of Canada lifted their price target on American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Morgan Stanley began coverage on American Tower in a research note on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price target on the stock. Raymond James Financial lifted their price objective on American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, JMP Securities lifted their price objective 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. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $240.88.

American Tower Trading Up 0.9%

American Tower stock traded up $2.05 during midday trading on Monday, reaching $226.82. The stock had a trading volume of 81,140 shares, compared to its average volume of 2,497,820. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The stock has a market capitalization of $106.18 billion, a PE ratio of 58.28, a price-to-earnings-growth ratio of 1.25 and a beta of 0.82. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50-day simple moving average is $216.53 and its 200 day simple moving average is $207.73.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 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 company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the company posted $2.79 earnings per share. The firm’s revenue was down 9.6% compared to the same quarter last year. Analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.00%. The ex-dividend date was Friday, June 13th. American Tower’s dividend payout ratio (DPR) is presently 174.81%.

American Tower Company 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.