Pacer Advisors Inc. decreased its holdings in American Tower Corporation (NYSE:AMT – Free Report) by 7.9% in the 1st quarter, HoldingsChannel reports. The fund owned 317,687 shares of the real estate investment trust’s stock after selling 27,111 shares during the quarter. Pacer Advisors Inc.’s holdings in American Tower were worth $54,826,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Raleigh Capital Management Inc. increased its stake in American Tower by 489.1% in the 1st quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust’s stock valued at $2,365,000 after purchasing an additional 11,377 shares in the last quarter. Canal Capital Management LLC boosted its position in American Tower by 81.9% during the first quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust’s stock worth $5,949,000 after purchasing an additional 15,520 shares in the last quarter. Bernzott Capital Advisors boosted its position in American Tower by 29.3% during the first quarter. Bernzott Capital Advisors now owns 42,161 shares of the real estate investment trust’s stock worth $7,276,000 after purchasing an additional 9,556 shares in the last quarter. Legal & General Group Plc grew its holdings in American Tower by 4.7% in the fourth quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust’s stock valued at $855,675,000 after purchasing an additional 220,447 shares during the last quarter. Finally, Rathbones Group PLC grew its holdings in American Tower by 14.9% in the fourth quarter. Rathbones Group PLC now owns 474,216 shares of the real estate investment trust’s stock valued at $83,258,000 after purchasing an additional 61,428 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.
American Tower Stock Performance
Shares of AMT opened at $173.07 on Tuesday. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $214.79. The company’s 50 day simple moving average is $175.66 and its 200 day simple moving average is $178.44. The company has a market capitalization of $80.63 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 2.78 and a beta of 0.90. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52.
American Tower Dividend Announcement
Insider Buying and Selling at American Tower
In other news, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer owned 21,428 shares of the company’s stock, valued at $3,833,254.92. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ruth T. Dowling sold 1,106 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the transaction, the executive vice president owned 27,711 shares of the company’s stock, valued at $4,848,316.56. The trade was a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 6,791 shares of company stock worth $1,204,091 in the last 90 days. Insiders own 0.08% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have weighed in on AMT shares. Barclays dropped their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, April 16th. Raymond James Financial reiterated a “strong-buy” rating and issued a $240.00 price target on shares of American Tower in a research report on Wednesday, April 29th. TD Cowen raised their price objective on shares of American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Wolfe Research upgraded American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective for the company in a research report on Wednesday, July 8th. Finally, Weiss Ratings raised American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $215.19.
Check Out Our Latest Report on AMT
American Tower 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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