Impax Asset Management Group plc Boosts Stake in American Tower Corporation (NYSE:AMT)

Impax Asset Management Group plc lifted its holdings in shares of American Tower Corporation (NYSE:AMT) by 294.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 130,979 shares of the real estate investment trust’s stock after buying an additional 97,737 shares during the period. Impax Asset Management Group plc’s holdings in American Tower were worth $28,501,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AMT. Catalyst Capital Advisors LLC bought a new position in American Tower during the 1st quarter valued at about $344,000. Timber Creek Capital Management LLC lifted its position in American Tower by 29.7% during the first quarter. Timber Creek Capital Management LLC now owns 19,546 shares of the real estate investment trust’s stock valued at $4,253,000 after purchasing an additional 4,481 shares during the period. Pacific Heights Asset Management LLC lifted its position in American Tower by 42.9% during the first quarter. Pacific Heights Asset Management LLC now owns 100,000 shares of the real estate investment trust’s stock valued at $21,760,000 after purchasing an additional 30,000 shares during the period. IFM Investors Pty Ltd boosted its holdings in American Tower by 6.0% in the first quarter. IFM Investors Pty Ltd now owns 145,079 shares of the real estate investment trust’s stock worth $33,740,000 after purchasing an additional 8,263 shares during the last quarter. Finally, 4J Wealth Management LLC grew its position in American Tower by 4.0% in the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust’s stock worth $283,000 after purchasing an additional 50 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AMT has been the topic of a number of research reports. UBS Group raised their price target on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday, April 30th. Barclays raised their target price on American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Morgan Stanley started coverage on shares of American Tower in a research report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price target for the company. Bank of America started coverage on shares of American Tower in a report on Monday, May 19th. They issued a “buy” rating and a $255.00 price objective on the stock. Finally, Wells Fargo & Company upped 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. Two equities research 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. According to data from MarketBeat.com, American Tower presently has a consensus rating of “Buy” and an average target price of $240.25.

American Tower Trading Down 0.5%

Shares of American Tower stock opened at $221.75 on Friday. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $103.81 billion, a P/E ratio of 57.00, a P/E/G ratio of 1.65 and a beta of 0.82. The company has a fifty day moving average of $216.46 and a 200 day moving average of $204.75.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the company posted $2.79 earnings per share. The business’s quarterly revenue was down 9.6% compared to the same quarter last year. On average, sell-side analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.07%. American Tower’s payout ratio is 174.81%.

American Tower Company 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.