Capital Research Global Investors Purchases 3,421,413 Shares of American Tower Co. (NYSE:AMT)

Capital Research Global Investors increased its holdings in shares of American Tower Co. (NYSE:AMT) by 66.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 8,563,046 shares of the real estate investment trust’s stock after acquiring an additional 3,421,413 shares during the quarter. Capital Research Global Investors’ holdings in American Tower were worth $1,570,547,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of AMT. Glenview Trust co increased its stake in American Tower by 0.8% in the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock valued at $1,294,000 after acquiring an additional 54 shares during the period. CreativeOne Wealth LLC boosted its stake in shares of American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock valued at $477,000 after purchasing an additional 54 shares in the last quarter. Precedent Wealth Partners LLC grew its holdings in shares of American Tower by 4.7% in the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 58 shares during the last quarter. Resonant Capital Advisors LLC lifted its holdings in American Tower by 5.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after purchasing an additional 61 shares during the last quarter. Finally, Calamos Wealth Management LLC boosted its position in American Tower by 2.9% in the fourth quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock valued at $398,000 after buying an additional 61 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AMT. Citigroup boosted their target price on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 target price on the stock. Scotiabank dropped their target price on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research report on Thursday, January 23rd. JMP Securities initiated coverage on American Tower in a research report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price target on the stock. Finally, Citizens Jmp raised American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, American Tower currently has an average rating of “Buy” and an average price target of $232.07.

American Tower Trading Up 2.3 %

Shares of NYSE:AMT opened at $223.03 on Friday. The firm has a market cap of $104.26 billion, a price-to-earnings ratio of 94.10, a PEG ratio of 1.29 and a beta of 0.87. The company’s fifty day simple moving average is $208.33 and its 200 day simple moving average is $202.65. 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 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the previous year, the firm earned $2.29 EPS. The business’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, research analysts forecast 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 will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.05%. This is a boost from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. American Tower’s payout ratio is 141.37%.

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.