American Tower Corporation (NYSE:AMT) Stake Reduced by Equitable Trust Co.

Equitable Trust Co. reduced its stake in shares of American Tower Corporation (NYSE:AMT) by 79.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,660 shares of the real estate investment trust’s stock after selling 17,739 shares during the quarter. Equitable Trust Co.’s holdings in American Tower were worth $1,014,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of AMT. North Capital Inc. bought a new position in shares of American Tower in the first quarter worth $25,000. Minot DeBlois Advisors LLC bought a new position in shares of American Tower in the fourth quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower in the first quarter worth $31,000. Lowe Wealth Advisors LLC grew its stake in shares of American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 109 shares in the last quarter. Finally, City Holding Co. bought a new position in shares of American Tower in the first quarter worth $39,000. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the subject of several recent analyst reports. JMP Securities increased their price target on American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a research note on Wednesday, April 30th. Barclays upped their price objective on American Tower from $223.00 to $246.00 and gave the company an “overweight” rating in a report on Wednesday. UBS Group upped their price objective on American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Morgan Stanley started coverage on American Tower in a report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price objective for the company. Finally, Wells Fargo & Company upped their price objective on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $242.31.

American Tower Stock Down 0.6%

Shares of American Tower stock opened at $229.75 on Friday. The stock has a 50-day moving average price of $218.70 and a 200 day moving average price of $209.08. The company has a market cap of $107.55 billion, a P/E ratio of 59.06, a P/E/G ratio of 1.27 and a beta of 0.82. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.34. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the business earned $2.79 EPS. As a group, analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 13th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.96%. The ex-dividend date was Friday, June 13th. American Tower’s dividend payout ratio is currently 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.