Portside Wealth Group LLC Raises Holdings in American Tower Co. (NYSE:AMT)

Portside Wealth Group LLC grew its position in shares of American Tower Co. (NYSE:AMT) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,418 shares of the real estate investment trust’s stock after purchasing an additional 87 shares during the period. Portside Wealth Group LLC’s holdings in American Tower were worth $1,179,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AMT. Moss Adams Wealth Advisors LLC grew its position in American Tower by 17.5% in the first quarter. Moss Adams Wealth Advisors LLC now owns 1,404 shares of the real estate investment trust’s stock worth $306,000 after acquiring an additional 209 shares in the last quarter. Werlinich Asset Management LLC grew its position in American Tower by 1.0% in the first quarter. Werlinich Asset Management LLC now owns 8,560 shares of the real estate investment trust’s stock worth $1,863,000 after acquiring an additional 85 shares in the last quarter. First Citizens Bank & Trust Co. grew its position in American Tower by 6.5% in the first quarter. First Citizens Bank & Trust Co. now owns 1,939 shares of the real estate investment trust’s stock worth $422,000 after acquiring an additional 119 shares in the last quarter. Capital Investment Advisors LLC grew its position in American Tower by 33.6% in the first quarter. Capital Investment Advisors LLC now owns 3,795 shares of the real estate investment trust’s stock worth $826,000 after acquiring an additional 955 shares in the last quarter. Finally, Park Avenue Securities LLC grew its position in American Tower by 4.2% in the first quarter. Park Avenue Securities LLC now owns 23,284 shares of the real estate investment trust’s stock worth $5,067,000 after acquiring an additional 949 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. JMP Securities lifted their price target on American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a research report on Wednesday, April 30th. 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 objective for the company. Royal Bank of Canada raised their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Wells Fargo & Company raised their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 30th. Finally, Barclays raised their price objective on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $240.25.

American Tower Stock Performance

Shares of AMT stock opened at $212.57 on Monday. The firm has a market cap of $99.51 billion, a price-to-earnings ratio of 89.69, a PEG ratio of 1.29 and a beta of 0.81. The company’s 50 day moving average is $215.09 and its 200 day moving average is $202.79. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 52-week low of $172.51 and a 52-week high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (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 return on equity of 22.01% and a net margin of 10.05%. The business’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.79 earnings per share. On average, sell-side analysts anticipate that American Tower Co. will post 10.14 EPS 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. Stockholders of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s payout ratio is presently 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.