Hills Bank & Trust Co reduced its holdings in shares of American Tower Corporation (NYSE:AMT – Free Report) by 29.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 14,857 shares of the real estate investment trust’s stock after selling 6,313 shares during the period. Hills Bank & Trust Co’s holdings in American Tower were worth $2,608,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of AMT. Northwestern Mutual Wealth Management Co. grew its position in American Tower by 20,721.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock worth $1,705,254,000 after purchasing an additional 9,666,025 shares during the last quarter. Lazard Asset Management LLC grew its position in American Tower by 1,984.8% during the 3rd quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock worth $858,552,000 after purchasing an additional 4,250,242 shares during the last quarter. Viking Global Investors LP grew its position in American Tower by 233.5% during the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after purchasing an additional 1,958,329 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in American Tower during the 3rd quarter worth $305,872,000. Finally, Arrowstreet Capital Limited Partnership grew its position in American Tower by 35.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,796,007 shares of the real estate investment trust’s stock worth $537,728,000 after purchasing an additional 724,504 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.
American Tower Stock Up 0.1%
Shares of NYSE AMT opened at $170.74 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 3.07. American Tower Corporation has a 52 week low of $165.08 and a 52 week high of $234.33. The firm has a 50-day moving average price of $177.80 and a 200 day moving average price of $179.11. The stock has a market capitalization of $79.54 billion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 0.71 and a beta of 0.90.
American Tower Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Investors of record on Tuesday, April 14th were paid a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 4.2%. This is a positive change from American Tower’s previous quarterly dividend of $1.70. The ex-dividend date was Tuesday, April 14th. American Tower’s dividend payout ratio (DPR) is 115.67%.
Wall Street Analyst Weigh In
Several research firms have recently commented on AMT. BMO Capital Markets raised their target price on shares of American Tower from $185.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 25th. Weiss Ratings upgraded shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. Truist Financial raised their target price on shares of American Tower from $205.00 to $208.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Sanford C. Bernstein raised their target price on shares of American Tower from $205.00 to $207.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $195.00 target price on shares of American Tower in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.05.
Read Our Latest Research Report on AMT
Insider Activity at American Tower
In other American Tower news, EVP Ruth T. Dowling sold 416 shares of American Tower stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total transaction of $73,856.64. Following the completion of the transaction, the executive vice president owned 29,461 shares in the company, valued at approximately $5,230,505.94. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur bought 2,671 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were acquired at an average price of $185.30 per share, with a total value of $494,936.30. Following the transaction, the director owned 4,936 shares of the company’s stock, valued at $914,640.80. The trade was a 117.92% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 42,181 shares of company stock worth $8,046,071 over the last 90 days. Company insiders own 0.08% of the company’s stock.
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.
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