Mirae Asset Global Investments Co. Ltd. lessened its holdings in shares of American Tower Co. (NYSE:AMT – Free Report) by 7.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 140,091 shares of the real estate investment trust’s stock after selling 10,630 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in American Tower were worth $27,169,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Moneta Group Investment Advisors LLC lifted its position in American Tower by 101,474.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock worth $2,219,094,000 after purchasing an additional 10,464,030 shares during the period. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of American Tower by 113,099.4% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 6,499,910 shares of the real estate investment trust’s stock valued at $1,260,593,000 after acquiring an additional 6,494,168 shares during the last quarter. Norges Bank purchased a new stake in shares of American Tower during the fourth quarter valued at $1,008,567,000. Morgan Stanley raised its holdings in American Tower by 15.4% during the 4th quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock worth $1,532,063,000 after buying an additional 962,800 shares during the period. Finally, ClearBridge Investments Ltd lifted its stake in American Tower by 171.3% during the first quarter. ClearBridge Investments Ltd now owns 1,508,758 shares of the real estate investment trust’s stock valued at $308,300,000 after buying an additional 952,633 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.
Analyst Ratings Changes
Several analysts have issued reports on AMT shares. StockNews.com began coverage on shares of American Tower in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Wells Fargo & Company reduced their price objective on American Tower from $215.00 to $210.00 and set an “overweight” rating for the company in a research note on Tuesday, October 17th. Barclays dropped their target price on American Tower from $233.00 to $228.00 and set an “overweight” rating on the stock in a report on Monday, August 7th. Citigroup dropped their price objective on shares of American Tower from $230.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, October 17th. Finally, Royal Bank of Canada decreased their target price on shares of American Tower from $233.00 to $230.00 and set an “outperform” rating for the company in a research note on Tuesday, August 1st. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $228.60.
American Tower Price Performance
Shares of NYSE:AMT opened at $199.64 on Tuesday. The business’s 50 day moving average is $173.23 and its 200-day moving average is $182.69. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 3.15. The firm has a market capitalization of $93.07 billion, a PE ratio of 130.48, a PEG ratio of 1.70 and a beta of 0.63. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $235.57.
American Tower Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Wednesday, October 11th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend was Tuesday, October 10th. This is a positive change from American Tower’s previous quarterly dividend of $1.57. American Tower’s dividend payout ratio is 423.53%.
American Tower Company 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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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