91,744 Shares in American Tower Co. (NYSE:AMT) Bought by Rockbridge Capital Management LLC

Rockbridge Capital Management LLC bought a new stake in shares of American Tower Co. (NYSE:AMT) in the 4th quarter, HoldingsChannel reports. The fund bought 91,744 shares of the real estate investment trust’s stock, valued at approximately $16,827,000. American Tower accounts for about 9.6% of Rockbridge Capital Management LLC’s investment portfolio, making the stock its 4th biggest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Minot DeBlois Advisors LLC acquired a new position in American Tower during the 4th quarter valued at approximately $29,000. Graney & King LLC acquired a new position in shares of American Tower during the fourth quarter valued at $32,000. Roxbury Financial LLC acquired a new position in shares of American Tower during the fourth quarter valued at $32,000. Crowley Wealth Management Inc. bought a new position in shares of American Tower during the fourth quarter worth about $37,000. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of American Tower in the 4th quarter worth about $46,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Price Performance

Shares of American Tower stock opened at $204.68 on Thursday. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a market cap of $95.82 billion, a PE ratio of 86.36, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86. The company’s 50-day moving average price is $214.91 and its two-hundred day moving average price is $201.70.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. The business had revenue of $2.56 billion for 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 business’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.79 EPS. As a group, sell-side analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, April 11th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date was Friday, April 11th. This is an increase from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio is 174.81%.

Wall Street Analyst Weigh In

AMT has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Royal Bank of Canada increased their price objective on American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Raymond James lifted their target price on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. Scotiabank boosted their price target on American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 30th. Finally, Hsbc Global Res raised American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $239.27.

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.