Socorro Asset Management LP Has $7.90 Million Stock Holdings in American Tower Corporation $AMT

Socorro Asset Management LP lessened its holdings in shares of American Tower Corporation (NYSE:AMT) by 9.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,799 shares of the real estate investment trust’s stock after selling 4,718 shares during the quarter. American Tower accounts for approximately 3.6% of Socorro Asset Management LP’s holdings, making the stock its 9th largest holding. Socorro Asset Management LP’s holdings in American Tower were worth $7,904,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. Quantinno Capital Management LP grew its position in shares of American Tower by 33.0% in the 1st quarter. Quantinno Capital Management LP now owns 132,375 shares of the real estate investment trust’s stock valued at $22,845,000 after purchasing an additional 32,877 shares during the period. BROOKFIELD Corp ON lifted its stake in American Tower by 0.7% in the first quarter. BROOKFIELD Corp ON now owns 218,234 shares of the real estate investment trust’s stock valued at $37,663,000 after buying an additional 1,550 shares in the last quarter. Lazard Asset Management LLC lifted its stake in American Tower by 20.4% in the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock valued at $1,264,311,000 after buying an additional 1,240,780 shares in the last quarter. Gateway Wealth Partners LLC acquired a new position in shares of American Tower in the first quarter valued at approximately $507,000. Finally, Blue Chip Partners LLC increased its position in shares of American Tower by 7.4% during the first quarter. Blue Chip Partners LLC now owns 1,260 shares of the real estate investment trust’s stock worth $217,000 after acquiring an additional 87 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wolfe Research raised shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective on the stock in a research report on Wednesday, July 8th. Mizuho upgraded American Tower from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $189.00 to $205.00 in a report on Wednesday, April 15th. Raymond James Financial restated a “strong-buy” rating and issued a $240.00 price target on shares of American Tower in a report on Wednesday, April 29th. Barclays reduced their price objective on American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group initiated coverage on American Tower in a research note on Friday, June 26th. They issued a “buy” rating and a $215.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $215.57.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Ruth T. Dowling sold 416 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total transaction of $73,856.64. Following the transaction, the executive vice president owned 29,461 shares of the company’s stock, valued at $5,230,505.94. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by company insiders.

American Tower Trading Up 0.0%

Shares of NYSE:AMT opened at $166.69 on Tuesday. The company’s 50-day moving average price is $176.56 and its two-hundred day moving average price is $178.30. American Tower Corporation has a one year low of $160.06 and a one year high of $229.07. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a market capitalization of $77.66 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 0.70 and a beta of 0.91.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, beating the consensus estimate of $1.60 by $1.24. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.66 billion. American Tower had a return on equity of 27.79% and a net margin of 26.81%.American Tower’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.75 EPS. On average, equities analysts forecast that American Tower Corporation will post 10.66 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were paid a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, June 12th. American Tower’s dividend payout ratio (DPR) is currently 115.67%.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.