Sequoia Financial Advisors LLC Purchases 148 Shares of American Tower Corporation (NYSE:AMT)

Sequoia Financial Advisors LLC boosted its position in shares of American Tower Corporation (NYSE:AMT) by 1.6% during the 1st quarter, HoldingsChannel reports. The fund owned 9,244 shares of the real estate investment trust’s stock after buying an additional 148 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in American Tower were worth $2,012,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Minot DeBlois Advisors LLC bought a new position in American Tower during the fourth quarter valued at about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in American Tower during the first quarter valued at about $31,000. Graney & King LLC bought a new position in American Tower during the fourth quarter valued at about $32,000. Lowe Wealth Advisors LLC increased its stake in American Tower by 218.0% during 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 period. Finally, Crowley Wealth Management Inc. bought a new position in American Tower during the fourth quarter valued at about $37,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Up 0.2%

Shares of AMT opened at $218.06 on Friday. The company has a market capitalization of $102.08 billion, a P/E ratio of 56.06, a PEG ratio of 1.62 and a beta of 0.81. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The business’s 50 day simple moving average is $215.69 and its 200-day simple moving average is $203.88.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. American Tower’s revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.79 EPS. As a group, sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.12%. The ex-dividend date is Friday, June 13th. American Tower’s dividend payout ratio is 174.81%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AMT. Wells Fargo & Company upped their price objective on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Scotiabank upped their price objective on American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 30th. Raymond James Financial upped their price objective on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. Bank of America began coverage on American Tower in a research note on Monday, May 19th. They issued a “buy” rating and a $255.00 price objective on the stock. Finally, Citigroup upped their price objective on American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower presently has a consensus rating of “Buy” and a consensus price target of $240.25.

About American Tower

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.