Federated Hermes Inc. Increases Stake in American Tower Corporation (NYSE:AMT)

Federated Hermes Inc. raised its stake in shares of American Tower Corporation (NYSE:AMT) by 10.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 556,689 shares of the real estate investment trust’s stock after buying an additional 52,506 shares during the quarter. Federated Hermes Inc. owned about 0.12% of American Tower worth $121,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Cohen & Steers Inc. grew its holdings in shares of 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 in the last quarter. Capital Research Global Investors grew its holdings 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 valued at $1,570,547,000 after purchasing an additional 3,421,413 shares in the last quarter. Capital World Investors grew its holdings in shares of American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock valued at $902,396,000 after purchasing an additional 3,032,005 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of American Tower by 23,627.3% in the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock valued at $370,346,000 after purchasing an additional 1,694,784 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of American Tower by 272.0% in the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust’s stock valued at $247,390,000 after purchasing an additional 831,247 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AMT. Scotiabank raised their target price 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. Royal Bank Of Canada raised their target price 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. Wells Fargo & Company raised their target price on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Finally, Bank of America started coverage on shares of American Tower in a research note on Monday, May 19th. They set a “buy” rating and a $255.00 price objective for the company. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower 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. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The company has a market cap 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. The stock has a fifty day simple moving average of $218.88 and a 200-day simple moving average of $209.85. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period last year, the company earned $2.79 earnings per share. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. Analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders 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 annualized dividend and a dividend 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.