American Tower Co. (NYSE:AMT) Stock Position Reduced by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. lessened its position in shares of American Tower Co. (NYSE:AMT) by 32.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 471 shares of the real estate investment trust’s stock after selling 231 shares during the period. Harbor Capital Advisors Inc.’s holdings in American Tower were worth $102,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AMT. Norges Bank bought a new stake in shares of American Tower in the 4th quarter worth approximately $1,164,851,000. Cohen & Steers Inc. lifted its holdings in shares of American Tower by 21.8% in the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock worth $3,516,890,000 after purchasing an additional 3,437,602 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of American Tower by 66.5% in the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock worth $1,570,547,000 after purchasing an additional 3,421,413 shares during the last quarter. Capital World Investors lifted its holdings in shares of American Tower by 160.6% in the 4th quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock worth $902,396,000 after purchasing an additional 3,032,005 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock worth $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of NYSE AMT opened at $214.76 on Monday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a market capitalization of $100.54 billion, a price-to-earnings ratio of 90.62, a PEG ratio of 1.29 and a beta of 0.81. The stock’s fifty day simple moving average is $214.91 and its 200 day simple moving average is $203.04. 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 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 analysts’ expectations of $2.54 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.79 EPS. As a group, sell-side analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

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 issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s payout ratio is 174.81%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Raymond James raised their price target on American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. JMP Securities lifted their target price on 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 lifted their target price on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. UBS Group lifted their target price on American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. Finally, Royal Bank of Canada lifted their target price on American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Two 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $240.25.

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.