Assetmark Inc. Boosts Holdings in American Tower Co. (NYSE:AMT)

Assetmark Inc. boosted its stake in American Tower Co. (NYSE:AMT - Free Report) by 524.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,770 shares of the real estate investment trust's stock after purchasing an additional 12,406 shares during the period. Assetmark Inc.'s holdings in American Tower were worth $2,709,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB increased its position in shares of American Tower by 28.5% during the 4th quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust's stock valued at $260,743,000 after purchasing an additional 314,769 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in American Tower in the third quarter worth approximately $1,156,000. TigerOak Management L.L.C. purchased a new position in shares of American Tower during the 4th quarter worth $1,102,000. Brookstone Capital Management grew its position in shares of American Tower by 29.0% during the 4th quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust's stock valued at $1,629,000 after acquiring an additional 1,995 shares during the period. Finally, CCLA Investment Management increased its stake in shares of American Tower by 5.5% in the 4th quarter. CCLA Investment Management now owns 432,891 shares of the real estate investment trust's stock worth $79,344,000 after purchasing an additional 22,523 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

A number of analysts have commented on AMT shares. Hsbc Global Res upgraded American Tower to a "strong-buy" rating in a research report on Thursday, February 27th. BMO Capital Markets increased their target price on shares of American Tower from $210.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. Scotiabank lowered their price target on shares of American Tower from $236.00 to $220.00 and set a "sector outperform" rating on the stock in a report on Thursday, January 23rd. The Goldman Sachs Group dropped their price target on shares of American Tower from $260.00 to $234.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. Finally, Barclays lowered their target price on shares of American Tower from $215.00 to $214.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 28th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $226.29.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.18% of the company's stock.

American Tower Price Performance

Shares of NYSE:AMT traded up $1.13 during mid-day trading on Monday, reaching $213.42. The stock had a trading volume of 4,156,506 shares, compared to its average volume of 2,234,941. The business's 50 day moving average price is $189.60 and its 200 day moving average price is $206.21. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a market cap of $99.77 billion, a P/E ratio of 90.05, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.55 billion for the quarter, compared to analysts' expectations of $2.51 billion. During the same period in the prior year, the firm earned $2.29 EPS. The company's revenue for the quarter was up 3.7% on a year-over-year basis. Research analysts expect that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be paid a $1.70 dividend. This is a boost from American Tower's previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, April 11th. American Tower's dividend payout ratio (DPR) is presently 141.37%.

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