Kirtland Hills Capital Management LLC Cuts Holdings in American Tower Corporation (NYSE:AMT)

Kirtland Hills Capital Management LLC reduced its position in American Tower Corporation (NYSE:AMT) by 5.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,570 shares of the real estate investment trust’s stock after selling 326 shares during the quarter. Kirtland Hills Capital Management LLC’s holdings in American Tower were worth $1,240,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in AMT. Cohen & Steers Inc. raised its position in American Tower by 21.8% in the fourth 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 purchasing an additional 3,437,602 shares during the period. Geode Capital Management LLC boosted its position in shares of American Tower by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust’s stock worth $2,074,956,000 after buying an additional 129,192 shares during the period. FMR LLC boosted its position in shares of 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 period. Capital Research Global Investors boosted its position 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 during the period. Finally, Principal Financial Group Inc. boosted its position in shares of American Tower by 3.7% in the first quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust’s stock worth $1,335,407,000 after buying an additional 220,565 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AMT has been the subject of several analyst reports. Royal Bank Of Canada upped their target price on American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. UBS Group upped their target price on American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Scotiabank upped their target price on American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 30th. Raymond James Financial upped their target price 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, Barclays raised their target price on American Tower from $223.00 to $246.00 and gave the company an “overweight” rating in a research note on Wednesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $242.31.

American Tower Stock Down 2.5%

NYSE:AMT opened at $224.11 on Tuesday. The company has a market capitalization of $104.91 billion, a price-to-earnings ratio of 57.61, a price-to-earnings-growth ratio of 1.27 and a beta of 0.82. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The stock has a 50-day simple moving average of $218.88 and a 200 day simple moving average of $209.85. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 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 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 company’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period last year, the firm earned $2.79 earnings per share. Sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors 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 dividend on an annualized basis and a yield of 3.03%. American Tower’s dividend payout ratio (DPR) is 174.81%.

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.