Byrne Asset Management LLC Makes New $105,000 Investment in American Tower Co. (NYSE:AMT)

Byrne Asset Management LLC purchased a new position in shares of American Tower Co. (NYSE:AMT) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 482 shares of the real estate investment trust’s stock, valued at approximately $105,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. Minot DeBlois Advisors LLC bought a new position in American Tower during the fourth quarter worth about $29,000. Roxbury Financial LLC bought a new position in shares of American Tower in the fourth quarter valued at approximately $32,000. Graney & King LLC bought a new position in shares of American Tower in the fourth quarter valued at approximately $32,000. Lowe Wealth Advisors LLC raised 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 acquiring an additional 109 shares during the last quarter. Finally, Crowley Wealth Management Inc. bought a new position in shares of American Tower in the fourth quarter valued at approximately $37,000. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on AMT. BMO Capital Markets lifted their target price on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Scotiabank lifted their target price on shares of American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 30th. JMP Securities raised their price target on shares of American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a report on Wednesday, April 30th. Bank of America assumed coverage on shares of American Tower in a report on Monday, May 19th. They issued a “buy” rating and a $255.00 price target for the company. Finally, Morgan Stanley assumed coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price target for the company. Two equities research 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 company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $240.25.

American Tower Price Performance

AMT opened at $214.76 on Friday. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. The firm has a market capitalization of $100.54 billion, a PE ratio of 90.62, a P/E/G ratio of 1.29 and a beta of 0.81. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The company has a fifty day moving average price of $214.91 and a two-hundred day moving average price of $203.13.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the business earned $2.79 EPS. The firm’s revenue was down 9.6% on a year-over-year basis. As a group, analysts anticipate that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s dividend payout ratio (DPR) is 174.81%.

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.