AIA Group Ltd lifted its position in shares of American Tower Co. (NYSE:AMT – Get Rating) by 306.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,821 shares of the real estate investment trust's stock after purchasing an additional 5,144 shares during the quarter. AIA Group Ltd's holdings in American Tower were worth $1,464,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in AMT. McGowan Group Asset Management Inc. raised its stake in shares of American Tower by 4.4% during the 2nd quarter. McGowan Group Asset Management Inc. now owns 902 shares of the real estate investment trust's stock worth $230,000 after purchasing an additional 38 shares during the period. FinTrust Capital Advisors LLC boosted its position in American Tower by 3.4% during the second quarter. FinTrust Capital Advisors LLC now owns 1,184 shares of the real estate investment trust's stock worth $307,000 after purchasing an additional 39 shares during the period. Blossom Wealth Management raised its position in shares of American Tower by 2.5% in the second quarter. Blossom Wealth Management now owns 1,635 shares of the real estate investment trust's stock valued at $418,000 after purchasing an additional 40 shares during the period. Delta Financial Advisors LLC lifted its stake in shares of American Tower by 2.7% during the 2nd quarter. Delta Financial Advisors LLC now owns 1,535 shares of the real estate investment trust's stock valued at $392,000 after buying an additional 40 shares in the last quarter. Finally, Optas LLC boosted its holdings in American Tower by 2.4% in the 2nd quarter. Optas LLC now owns 1,718 shares of the real estate investment trust's stock worth $439,000 after buying an additional 41 shares during the period. Institutional investors and hedge funds own 89.65% of the company's stock.
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Shares of NYSE AMT opened at $215.17 on Wednesday. American Tower Co. has a 12 month low of $178.17 and a 12 month high of $282.47. The firm has a market capitalization of $100.19 billion, a PE ratio of 34.15, a price-to-earnings-growth ratio of 1.98 and a beta of 0.54. The firm has a fifty day simple moving average of $217.67 and a two-hundred day simple moving average of $230.48. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 2.87.
American Tower Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 2nd. Stockholders of record on Wednesday, December 28th will be given a $1.56 dividend. The ex-dividend date is Tuesday, December 27th. This represents a $6.24 annualized dividend and a dividend yield of 2.90%. This is a positive change from American Tower's previous quarterly dividend of $1.47. American Tower's dividend payout ratio is currently 99.05%.Insider Transactions at American Tower
In related news, Director Joann A. Reed sold 1,231 shares of the firm's stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $204.88, for a total transaction of $252,207.28. Following the completion of the transaction, the director now owns 54,554 shares of the company's stock, valued at approximately $11,177,023.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Edmund Disanto sold 35,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $207.20, for a total transaction of $7,252,000.00. Following the completion of the transaction, the executive vice president now owns 157,685 shares of the company's stock, valued at approximately $32,672,332. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joann A. Reed sold 1,231 shares of the firm's stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $204.88, for a total value of $252,207.28. Following the transaction, the director now directly owns 54,554 shares of the company's stock, valued at approximately $11,177,023.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,079 shares of company stock valued at $9,071,929. Corporate insiders own 0.24% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have recently commented on the company. Truist Financial cut their price target on American Tower from $325.00 to $275.00 and set a "buy" rating for the company in a report on Friday, January 13th. Credit Suisse Group reduced their target price on American Tower to $251.00 in a report on Thursday, October 27th. Morgan Stanley increased their price target on shares of American Tower from $219.00 to $224.00 and gave the stock an "equal weight" rating in a report on Monday. Deutsche Bank Aktiengesellschaft upgraded shares of American Tower from a "hold" rating to a "buy" rating and upped their target price for the stock from $240.00 to $254.00 in a research report on Thursday, January 12th. Finally, StockNews.com began coverage on American Tower in a report on Wednesday, October 12th. They issued a "hold" rating for the company. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $266.06.
About American Tower
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American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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