Premier Fund Managers Ltd Has $21.23 Million Holdings in American Tower Corporation (NYSE:AMT)

Premier Fund Managers Ltd cut its holdings in American Tower Corporation (NYSE:AMT) by 3.0% during the 1st quarter, HoldingsChannel reports. The fund owned 98,542 shares of the real estate investment trust’s stock after selling 3,059 shares during the quarter. Premier Fund Managers Ltd’s holdings in American Tower were worth $21,232,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Federated Hermes Inc. grew its stake in shares of American Tower by 10.4% in the first quarter. Federated Hermes Inc. now owns 556,689 shares of the real estate investment trust’s stock valued at $121,136,000 after acquiring an additional 52,506 shares in the last quarter. TCTC Holdings LLC grew its stake in American Tower by 15.8% during the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust’s stock worth $81,000 after buying an additional 51 shares in the last quarter. Meeder Advisory Services Inc. grew its stake in American Tower by 21.1% during the first quarter. Meeder Advisory Services Inc. now owns 8,016 shares of the real estate investment trust’s stock worth $1,744,000 after buying an additional 1,394 shares in the last quarter. Baldwin Investment Management LLC grew its stake in American Tower by 0.9% during the first quarter. Baldwin Investment Management LLC now owns 13,314 shares of the real estate investment trust’s stock worth $2,897,000 after buying an additional 114 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC grew its stake in American Tower by 5.3% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 6,068 shares of the real estate investment trust’s stock worth $1,320,000 after buying an additional 306 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AMT shares. Morgan Stanley assumed coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price objective on the stock. JMP Securities raised their price target on shares of American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research note on Wednesday, April 30th. Barclays raised their price target on shares of American Tower from $223.00 to $246.00 and gave the company an “overweight” rating in a research note on Wednesday, July 23rd. UBS Group raised their price target on shares of American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Finally, Bank of America assumed coverage on shares of American Tower in a research note on Monday, May 19th. They issued a “buy” rating and a $255.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $242.31.

American Tower Stock Down 2.5%

Shares of NYSE AMT opened at $224.11 on Tuesday. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56. The company has a 50 day simple moving average of $218.88 and a 200 day simple moving average of $209.85. The firm has a market cap of $104.91 billion, a PE ratio of 57.61, a price-to-earnings-growth ratio of 1.27 and a beta of 0.82.

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

American Tower Dividend Announcement

The business also recently disclosed 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. This represents a $6.80 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Friday, June 13th. 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.