American Tower Corporation (NYSE:AMT) Shares Bought by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. raised its position in American Tower Corporation (NYSE:AMT) by 8.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 51,075 shares of the real estate investment trust’s stock after acquiring an additional 4,051 shares during the period. Oppenheimer & Co. Inc.’s holdings in American Tower were worth $11,114,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Minot DeBlois Advisors LLC acquired a new stake in shares of American Tower in the 4th quarter worth $29,000. Graney & King LLC acquired a new stake in shares of American Tower in the fourth quarter valued at about $32,000. Lowe Wealth Advisors LLC lifted its stake in shares of American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 109 shares during the period. Crowley Wealth Management Inc. acquired a new stake in shares of American Tower in the fourth quarter valued at about $37,000. Finally, City Holding Co. acquired a new stake in shares of American Tower in the first quarter valued at about $39,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AMT has been the subject of several recent analyst reports. JMP Securities raised their price objective 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. Morgan Stanley started coverage on shares of American Tower in a report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 target price for the company. Bank of America initiated coverage on shares of American Tower in a report on Monday, May 19th. They set a “buy” rating and a $255.00 target price for the company. Citigroup lifted their price target on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, Barclays lifted their price target on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $240.25.

American Tower Price Performance

AMT opened at $221.71 on Tuesday. The company’s 50 day simple moving average is $215.73 and its 200 day simple moving average is $203.40. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56. The stock has a market capitalization of $103.79 billion, a PE ratio of 57.00, a P/E/G ratio of 1.61 and a beta of 0.81.

American Tower (NYSE:AMT) last released its 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. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the company earned $2.79 earnings per share. The company’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, sell-side analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

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

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.