PBU The Pension Fund of Early Childhood & Youth Educators acquired a new position in American Tower Corporation (NYSE:AMT – Free Report) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 67,171 shares of the real estate investment trust’s stock, valued at approximately $11,793,000.
A number of other institutional investors have also made changes to their positions in AMT. Richards Merrill & Peterson Inc. bought a new stake in shares of American Tower in the fourth quarter worth $25,000. Oakworth Capital Inc. lifted its position in shares of American Tower by 90.7% in the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 68 shares in the last quarter. Holos Integrated Wealth LLC bought a new stake in shares of American Tower in the fourth quarter worth $27,000. Triumph Capital Management bought a new stake in American Tower during the third quarter worth $29,000. Finally, Lloyd Advisory Services LLC. bought a new stake in American Tower during the fourth quarter worth $30,000. Institutional investors own 92.69% of the company’s stock.
American Tower Price Performance
Shares of AMT opened at $193.88 on Friday. The firm has a market capitalization of $90.33 billion, a PE ratio of 31.32, a PEG ratio of 0.81 and a beta of 0.90. The company’s 50-day moving average is $179.08 and its 200-day moving average is $179.58. American Tower Corporation has a fifty-two week low of $165.08 and a fifty-two week high of $234.33. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43.
American Tower Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 12th will be given a $1.79 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $7.16 annualized dividend and a dividend yield of 3.7%. American Tower’s dividend payout ratio is presently 115.67%.
Insider Activity
In other news, EVP Ruth T. Dowling sold 556 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $178.48, for a total value of $99,234.88. Following the transaction, the executive vice president directly owned 29,877 shares of the company’s stock, valued at $5,332,446.96. This represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,671 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $185.30 per share, for a total transaction of $494,936.30. Following the completion of the transaction, the director directly owned 4,936 shares of the company’s stock, valued at approximately $914,640.80. This trade represents a 117.92% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.08% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Several analysts have issued reports on the stock. BMO Capital Markets upped their price target on shares of American Tower from $185.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 25th. Truist Financial upped their price target on shares of American Tower from $205.00 to $208.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Mizuho raised shares of American Tower from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $189.00 to $205.00 in a research report on Wednesday, April 15th. Barclays dropped their price target on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $195.00 price target on shares of American Tower in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $216.20.
Check Out Our Latest Analysis on AMT
American Tower Company Profile
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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