Mayflower Financial Advisors LLC Trims Stake in American Tower Corporation (NYSE:AMT)

Mayflower Financial Advisors LLC reduced its stake in shares of American Tower Corporation (NYSE:AMT) by 13.5% in the 1st quarter, Holdings Channel reports. The fund owned 6,851 shares of the real estate investment trust’s stock after selling 1,065 shares during the period. Mayflower Financial Advisors LLC’s holdings in American Tower were worth $1,491,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Legacy Capital Wealth Partners LLC raised its position in American Tower by 6.6% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,592 shares of the real estate investment trust’s stock valued at $347,000 after acquiring an additional 99 shares in the last quarter. Lineweaver Wealth Advisors LLC raised its position in American Tower by 9.7% during the first quarter. Lineweaver Wealth Advisors LLC now owns 4,767 shares of the real estate investment trust’s stock valued at $1,039,000 after acquiring an additional 423 shares in the last quarter. Allen Capital Group LLC raised its position in American Tower by 7.5% during the first quarter. Allen Capital Group LLC now owns 1,424 shares of the real estate investment trust’s stock valued at $310,000 after acquiring an additional 99 shares in the last quarter. Altman Advisors Inc. grew its holdings in American Tower by 3.2% in the first quarter. Altman Advisors Inc. now owns 8,094 shares of the real estate investment trust’s stock valued at $1,824,000 after purchasing an additional 252 shares during the period. Finally, SeaBridge Investment Advisors LLC grew its holdings in American Tower by 21.4% in the first quarter. SeaBridge Investment Advisors LLC now owns 3,875 shares of the real estate investment trust’s stock valued at $843,000 after purchasing an additional 682 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the company. Morgan Stanley assumed coverage on American Tower in a report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price objective on the stock. Wells Fargo & Company raised 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. Bank of America assumed coverage on American Tower in a report on Monday, May 19th. They issued a “buy” rating and a $255.00 price objective on the stock. UBS Group raised 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. Finally, Barclays raised their price objective on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Two investment 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. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $240.88.

American Tower Stock Performance

Shares of NYSE:AMT opened at $223.31 on Thursday. 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 business’s 50 day moving average price is $216.32 and its 200-day moving average price is $206.81. The firm has a market capitalization of $104.54 billion, a PE ratio of 57.41, a P/E/G ratio of 1.62 and a beta of 0.82. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings results 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. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the previous year, the company posted $2.79 earnings per share. The business’s revenue was down 9.6% on a year-over-year basis. As a group, equities research 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. Investors 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 yield of 3.05%. American Tower’s payout ratio is 174.81%.

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.