Allspring Global Investments Holdings LLC Acquires 42,797 Shares of American Tower Co. (NYSE:AMT)

Allspring Global Investments Holdings LLC raised its holdings in shares of American Tower Co. (NYSE:AMT) by 16.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 302,116 shares of the real estate investment trust’s stock after acquiring an additional 42,797 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.06% of American Tower worth $59,695,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Cross Staff Investments Inc lifted its holdings in American Tower by 5.1% during the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock valued at $1,085,000 after purchasing an additional 244 shares during the last quarter. Gateway Investment Advisers LLC lifted its holdings in shares of American Tower by 57.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock worth $7,718,000 after buying an additional 13,074 shares in the last quarter. Anchor Capital Advisors LLC lifted its holdings in shares of American Tower by 38.1% during the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after buying an additional 21,139 shares in the last quarter. Meyer Handelman Co. acquired a new stake in shares of American Tower during the first quarter worth $801,000. Finally, TD Asset Management Inc lifted its holdings in shares of American Tower by 23.2% during the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after buying an additional 51,882 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Insider Transactions at American Tower

In other news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

American Tower stock opened at $192.27 on Wednesday. The stock has a market cap of $89.79 billion, a PE ratio of 43.50, a P/E/G ratio of 1.39 and a beta of 0.81. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The business’s 50-day moving average price is $188.65 and its two-hundred day moving average price is $194.83. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $219.10.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.54 earnings per share. As a group, analysts expect that American Tower Co. will post 10.03 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 14th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Mizuho assumed coverage on American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price for the company. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. Scotiabank dropped their price target on American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group began coverage on American Tower in a research note on Monday. They issued a “buy” rating and a $230.00 price target for the company. Finally, Morgan Stanley boosted their price target on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $221.67.

About American Tower

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.