Whitnell & Co. boosted its position in shares of American Tower Corp (NYSE:AMT) by 61.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,859 shares of the real estate investment trust’s stock after buying an additional 710 shares during the quarter. Whitnell & Co.’s holdings in American Tower were worth $411,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in AMT. Vanguard Group Inc. boosted its holdings in shares of American Tower by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 57,494,934 shares of the real estate investment trust’s stock valued at $11,754,838,000 after buying an additional 248,968 shares during the last quarter. BlackRock Inc. increased its holdings in shares of American Tower by 4.0% in the second quarter. BlackRock Inc. now owns 31,549,686 shares of the real estate investment trust’s stock worth $6,450,332,000 after purchasing an additional 1,213,664 shares during the last quarter. Northern Trust Corp increased its holdings in shares of American Tower by 1.5% in the second quarter. Northern Trust Corp now owns 6,772,952 shares of the real estate investment trust’s stock worth $1,384,730,000 after purchasing an additional 96,999 shares during the last quarter. Invesco Ltd. increased its holdings in shares of American Tower by 8.3% in the second quarter. Invesco Ltd. now owns 4,140,203 shares of the real estate investment trust’s stock worth $846,465,000 after purchasing an additional 316,054 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in shares of American Tower by 16,153.9% in the second quarter. Nuveen Asset Management LLC now owns 3,848,439 shares of the real estate investment trust’s stock worth $786,813,000 after purchasing an additional 3,824,762 shares during the last quarter. 92.54% of the stock is owned by institutional investors and hedge funds.
Shares of AMT stock traded up $0.18 during mid-day trading on Friday, hitting $205.87. 1,799,862 shares of the stock were exchanged, compared to its average volume of 1,770,815. The firm has a fifty day moving average of $220.99 and a 200 day moving average of $213.42. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 4.40. American Tower Corp has a 52-week low of $150.66 and a 52-week high of $242.00. The company has a market cap of $91.20 billion, a PE ratio of 25.77, a price-to-earnings-growth ratio of 1.65 and a beta of 0.43.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 17th. Shareholders of record on Friday, September 27th were issued a $0.95 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This is a boost from American Tower’s previous quarterly dividend of $0.92. This represents a $3.80 annualized dividend and a yield of 1.85%. American Tower’s payout ratio is 47.56%.
In other American Tower news, Director Craig Macnab sold 5,953 shares of American Tower stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $225.46, for a total value of $1,342,163.38. Following the completion of the transaction, the director now directly owns 14,341 shares of the company’s stock, valued at $3,233,321.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Joseph Meyer, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $206.78, for a total transaction of $206,780.00. The disclosure for this sale can be found here. Insiders sold 141,524 shares of company stock valued at $31,726,127 over the last ninety days. Corporate insiders own 0.75% of the company’s stock.
AMT has been the topic of several research reports. JPMorgan Chase & Co. upped their price target on shares of American Tower from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. ValuEngine downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Citigroup lifted their target price on American Tower from $236.00 to $240.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. KeyCorp set a $242.00 target price on American Tower and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Cowen lifted their target price on American Tower from $238.00 to $260.00 and gave the company an “in-line” rating in a research report on Friday, November 1st. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $215.79.
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 approximately 171,000 communications sites.
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