StrongBox Wealth LLC raised its position in American Tower Co. (NYSE:AMT – Free Report) by 62.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,490 shares of the real estate investment trust’s stock after purchasing an additional 3,665 shares during the quarter. American Tower accounts for approximately 1.3% of StrongBox Wealth LLC’s portfolio, making the stock its 27th largest holding. StrongBox Wealth LLC’s holdings in American Tower were worth $1,939,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Moneta Group Investment Advisors LLC raised its position in American Tower by 101,474.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock valued at $2,219,094,000 after purchasing an additional 10,464,030 shares during the period. Norges Bank acquired a new stake in shares of American Tower in the fourth quarter valued at about $1,008,567,000. Cottage Street Advisors LLC lifted its position in American Tower by 17,322.3% during the 4th quarter. Cottage Street Advisors LLC now owns 1,495,527 shares of the real estate investment trust’s stock worth $282,000 after acquiring an additional 1,486,943 shares in the last quarter. Morgan Stanley boosted its holdings in American Tower by 15.4% in the 4th quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock worth $1,532,063,000 after acquiring an additional 962,800 shares during the period. Finally, Amundi grew its position in American Tower by 53.3% in the fourth quarter. Amundi now owns 2,347,688 shares of the real estate investment trust’s stock valued at $535,555,000 after acquiring an additional 816,302 shares in the last quarter. Hedge funds and other institutional investors own 97.13% of the company’s stock.
American Tower Stock Performance
NYSE:AMT traded up $1.10 during midday trading on Tuesday, reaching $195.04. 970,958 shares of the company traded hands, compared to its average volume of 2,139,351. American Tower Co. has a twelve month low of $178.17 and a twelve month high of $282.47. The company has a debt-to-equity ratio of 2.83, a current ratio of 0.61 and a quick ratio of 0.61. The company has a fifty day moving average price of $191.78 and a 200 day moving average price of $203.43. The firm has a market capitalization of $90.90 billion, a price-to-earnings ratio of 65.01, a price-to-earnings-growth ratio of 1.35 and a beta of 0.58.
American Tower (NYSE:AMT – Free Report) last released its quarterly earnings results on Wednesday, April 26th. The real estate investment trust reported $0.72 EPS for the quarter, missing the consensus estimate of $2.28 by ($1.56). The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a return on equity of 11.65% and a net margin of 12.85%. The firm’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.55 EPS. On average, analysts expect that American Tower Co. will post 9.25 EPS for the current fiscal year.
American Tower Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 10th. Stockholders of record on Friday, June 16th will be given a dividend of $1.57 per share. The ex-dividend date is Thursday, June 15th. This is an increase from American Tower’s previous quarterly dividend of $1.56. This represents a $6.28 annualized dividend and a dividend yield of 3.22%. American Tower’s payout ratio is currently 209.33%.
Analysts Set New Price Targets
A number of research firms have recently commented on AMT. Deutsche Bank Aktiengesellschaft reduced their target price on shares of American Tower from $254.00 to $245.00 in a research report on Tuesday, March 7th. Barclays lifted their target price on American Tower from $229.00 to $233.00 in a research report on Monday, May 1st. Royal Bank of Canada reduced their price target on American Tower from $241.00 to $233.00 in a report on Monday. Moffett Nathanson raised American Tower from a “market perform” rating to an “outperform” rating and cut their target price for the company from $244.00 to $234.00 in a research report on Thursday, March 30th. Finally, Morgan Stanley decreased their price target on shares of American Tower from $224.00 to $215.00 in a research report on Tuesday, April 18th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus price target of $249.86.
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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.