American Tower Co. (NYSE:AMT) Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board boosted its position in shares of American Tower Co. (NYSE:AMT) by 17.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,886 shares of the real estate investment trust’s stock after acquiring an additional 9,751 shares during the period. Public Sector Pension Investment Board’s holdings in American Tower were worth $12,613,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in American Tower in the first quarter valued at $25,000. Cultivar Capital Inc. acquired a new stake in shares of American Tower during the 2nd quarter worth about $25,000. Fairscale Capital LLC purchased a new stake in American Tower during the second quarter worth approximately $27,000. Gold Investment Management Ltd. acquired a new position in American Tower in the fourth quarter valued at approximately $28,000. Finally, Hobbs Group Advisors LLC purchased a new position in American Tower in the second quarter valued at approximately $29,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AMT has been the subject of several recent analyst reports. Barclays reduced their price objective on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Royal Bank of Canada boosted their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. BMO Capital Markets boosted their target price on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, September 13th. Finally, TD Cowen raised their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $234.00.

American Tower Stock Up 0.5 %

Shares of American Tower stock opened at $236.24 on Tuesday. American Tower Co. has a one year low of $154.58 and a one year high of $243.56. The company has a market cap of $110.32 billion, a P/E ratio of 53.45, a PEG ratio of 1.60 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a fifty day moving average of $225.12 and a two-hundred day moving average of $202.62.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the company posted $2.46 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. On average, analysts forecast that American Tower Co. will post 10.13 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.74%. American Tower’s payout ratio is 146.61%.

Insider Transactions at American Tower

In related news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 in the last quarter. 0.18% of the stock is currently owned by corporate insiders.

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