NEW YORK ( TheStreet) -- American Tower (NYSE: AMT) hit a new 52-week high Wednesday as it is currently trading at $58.81, above its previous 52-week high of $58.60 with 69,568 shares traded as of 9:36 a.m. ET. Average volume has been 3.3 million shares over the past 30 days.

American Tower has a market cap of $22.23 billion and is part of the technology sector and telecommunications industry. Shares are up 11.8% year to date as of the close of trading on Tuesday.

American Tower Corporation, through its subsidiaries, operates as a wireless and broadcast communications infrastructure company. The company has a P/E ratio of 82, equal to the average telecommunications industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates American Tower as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full American Tower Ratings Report.

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