Cresset Asset Management LLC Raises Holdings in American Tower Co. (NYSE:AMT)

Cresset Asset Management LLC grew its position in shares of American Tower Co. (NYSE:AMT) by 29.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,587 shares of the real estate investment trust’s stock after purchasing an additional 1,488 shares during the period. Cresset Asset Management LLC’s holdings in American Tower were worth $1,213,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Partners Group Holding AG grew its position in shares of American Tower by 8.3% during the fourth quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust’s stock valued at $69,438,000 after purchasing an additional 28,988 shares in the last quarter. TigerOak Management L.L.C. purchased a new position in shares of American Tower during the fourth quarter valued at about $1,102,000. Brookstone Capital Management lifted its holdings in shares of American Tower by 29.0% in the 4th quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock valued at $1,629,000 after acquiring an additional 1,995 shares during the last quarter. Aviva PLC lifted its holdings in shares of American Tower by 13.4% in the 4th quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust’s stock valued at $71,252,000 after acquiring an additional 46,009 shares during the last quarter. Finally, CCLA Investment Management lifted its holdings in shares of American Tower by 5.5% in the 4th quarter. CCLA Investment Management now owns 432,891 shares of the real estate investment trust’s stock valued at $79,344,000 after acquiring an additional 22,523 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on AMT. Morgan Stanley began coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price target for the company. Raymond James increased their price target on shares of American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a report on Wednesday, April 30th. Royal Bank of Canada increased their price target on shares of American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Scotiabank increased their price target on shares of American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, April 30th. Finally, Hsbc Global Res raised shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, American Tower currently has a consensus rating of “Buy” and an average target price of $239.27.

American Tower Stock Performance

American Tower stock opened at $219.96 on Monday. The company has a 50 day moving average price of $215.14 and a 200-day moving average price of $201.77. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The company has a market capitalization of $102.82 billion, a PE ratio of 92.81, a P/E/G ratio of 1.29 and a beta of 0.86.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating 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 net margin of 10.05% and a return on equity of 22.01%. The company’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.79 earnings per share. As a group, equities analysts forecast that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Friday, April 11th were paid a $1.70 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date of this dividend was Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a yield of 3.09%. 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.