3,409 Shares in American Tower Corp (NYSE:AMT) Acquired by MainStreet Investment Advisors LLC

MainStreet Investment Advisors LLC acquired a new position in American Tower Corp (NYSE:AMT) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,409 shares of the real estate investment trust’s stock, valued at approximately $742,000.

Several other hedge funds also recently bought and sold shares of AMT. Norges Bank bought a new position in shares of American Tower in the fourth quarter worth approximately $919,075,000. Cohen & Steers Inc. increased its position in shares of American Tower by 51.3% in the fourth quarter. Cohen & Steers Inc. now owns 9,031,127 shares of the real estate investment trust’s stock worth $2,075,534,000 after purchasing an additional 3,063,190 shares during the last quarter. Jennison Associates LLC increased its position in shares of American Tower by 109.5% in the first quarter. Jennison Associates LLC now owns 3,255,974 shares of the real estate investment trust’s stock worth $708,988,000 after purchasing an additional 1,701,953 shares during the last quarter. State Street Corp increased its position in shares of American Tower by 6.8% in the fourth quarter. State Street Corp now owns 19,878,737 shares of the real estate investment trust’s stock worth $4,588,391,000 after purchasing an additional 1,266,057 shares during the last quarter. Finally, Capital Research Global Investors increased its position in shares of American Tower by 9.8% in the fourth quarter. Capital Research Global Investors now owns 4,972,400 shares of the real estate investment trust’s stock worth $1,142,757,000 after purchasing an additional 442,934 shares during the last quarter. Institutional investors own 91.73% of the company’s stock.

Shares of NYSE:AMT traded up $14.27 during trading on Friday, reaching $242.43. 2,812,237 shares of the company traded hands, compared to its average volume of 1,978,653. The firm has a market capitalization of $101.14 billion, a price-to-earnings ratio of 56.78, a P/E/G ratio of 1.94 and a beta of 0.44. American Tower Corp has a 52-week low of $174.32 and a 52-week high of $260.43. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 6.91. The business’s fifty day moving average is $239.56 and its 200-day moving average is $229.48.

American Tower (NYSE:AMT) last released its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.12). American Tower had a net margin of 24.55% and a return on equity of 35.63%. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. During the same period last year, the company posted $1.84 EPS. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, sell-side analysts predict that American Tower Corp will post 8 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be paid a $1.10 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.08. The ex-dividend date is Thursday, June 18th. This represents a $4.40 dividend on an annualized basis and a yield of 1.81%. American Tower’s dividend payout ratio (DPR) is presently 55.89%.

AMT has been the topic of a number of recent research reports. Credit Suisse Group initiated coverage on shares of American Tower in a research report on Tuesday, April 28th. They set an “outperform” rating and a $308.00 price target on the stock. Edward Jones upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Tuesday, March 24th. Raymond James upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 price target on the stock in a research report on Thursday, March 26th. Oppenheimer upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $270.00 price target on the stock in a research report on Friday. Finally, Morgan Stanley increased their price target on shares of American Tower from $218.00 to $245.00 and gave the company an “equal weight” rating in a research report on Monday, April 27th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $257.38.

In related news, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $238.11, for a total value of $1,533,190.29. Following the completion of the sale, the chief accounting officer now owns 37,120 shares of the company’s stock, valued at $8,838,643.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David E. Sharbutt sold 2,200 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $243.60, for a total value of $535,920.00. Following the transaction, the director now directly owns 4,097 shares of the company’s stock, valued at approximately $998,029.20. The disclosure for this sale can be found here. Insiders sold 14,392 shares of company stock valued at $3,343,752 in the last ninety days. 0.65% of the stock is currently owned by insiders.

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 approximately 171,000 communications sites.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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