Allspring Global Investments Holdings LLC Buys 44,665 Shares of American Tower Co. (NYSE:AMT)

Allspring Global Investments Holdings LLC increased its position in shares of American Tower Co. (NYSE:AMT - Free Report) by 12.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 408,273 shares of the real estate investment trust's stock after purchasing an additional 44,665 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.09% of American Tower worth $73,910,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AMT. Fortitude Family Office LLC raised its position in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 78 shares during the period. Northwest Investment Counselors LLC bought a new stake in American Tower in the third quarter worth about $30,000. Hara Capital LLC bought a new stake in American Tower in the third quarter worth about $31,000. Legacy Investment Solutions LLC bought a new stake in American Tower in the third quarter worth about $34,000. Finally, Activest Wealth Management raised its position in American Tower by 431.0% in the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 125 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Rodney M. Smith sold 16,567 shares of the company's stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares of the company's stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.18% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on AMT. JMP Securities began coverage on shares of American Tower in a research report on Monday, January 27th. They issued an "outperform" rating and a $225.00 price objective on the stock. Citizens Jmp raised shares of American Tower to a "strong-buy" rating in a research report on Monday, January 27th. Mizuho lowered their price target on shares of American Tower from $221.00 to $204.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company lowered their price target on shares of American Tower from $215.00 to $195.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 23rd. Finally, 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 research report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $225.79.

American Tower Price Performance

AMT stock traded down $0.58 during midday trading on Friday, reaching $189.41. The company had a trading volume of 1,776,002 shares, compared to its average volume of 2,051,496. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a market capitalization of $88.51 billion, a P/E ratio of 79.92, a P/E/G ratio of 1.27 and a beta of 0.84. The firm has a 50-day moving average price of $186.70 and a 200-day moving average price of $208.79.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were paid a $1.62 dividend. The ex-dividend date was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.42%. American Tower's dividend payout ratio is presently 273.42%.

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.