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NEW YORK ( TheStreet) -- American Tower (NYSE: AMT) hit a new 52-week high Wednesday as it is currently trading at $64.56, above its previous 52-week high of $64.55 with 344,096 shares traded as of 10:20 a.m. ET. Average volume has been 2.7 million shares over the past 30 days. American Tower has a market cap of $24.86 billion and is part of the technology sector and telecommunications industry. Shares are up 5.9% year to date as of the close of trading on Tuesday. American Tower Corporation, a real estate investment trust, operates as a wireless and broadcast communications infrastructure company. It develops, owns, and operates communications sites. The company has a P/E ratio of 63.8, equal to the average telecommunications industry P/E ratio and above the S&P 500 P/E ratio of 17.7.