American Tower Corporation (NYSE:AMT) Shares Bought by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC raised its stake in American Tower Corporation (NYSE:AMT) by 4.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,961 shares of the real estate investment trust’s stock after buying an additional 354 shares during the quarter. Exchange Traded Concepts LLC’s holdings in American Tower were worth $1,732,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Lowe Wealth Advisors LLC lifted its position in 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 valued at $35,000 after buying an additional 109 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new stake in shares of American Tower during the fourth quarter worth approximately $29,000. Graney & King LLC purchased a new stake in shares of American Tower during the fourth quarter worth approximately $32,000. City Holding Co. purchased a new position in American Tower in the first quarter valued at approximately $39,000. Finally, Global Wealth Strategies & Associates increased its stake in American Tower by 193.5% in the first quarter. Global Wealth Strategies & Associates now owns 182 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 120 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 0.1%

Shares of AMT stock opened at $215.14 on Wednesday. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The stock has a market cap of $100.72 billion, a P/E ratio of 55.31, a P/E/G ratio of 1.60 and a beta of 0.81. The business has a fifty day simple moving average of $215.28 and a 200-day simple moving average of $203.16. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the business posted $2.79 earnings per share. On average, analysts forecast 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 will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s dividend payout ratio is presently 174.81%.

Analysts Set New Price Targets

AMT has been the topic of a number of research reports. Morgan Stanley initiated coverage on shares of American Tower in a research report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 target price on the stock. Hsbc Global Res raised American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Wells Fargo & Company increased their price target on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. Barclays increased their price target on American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Finally, Bank of America began coverage on American Tower in a report on Monday, May 19th. They set a “buy” rating and a $255.00 price target for the company. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $240.25.

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.