Corebridge Financial Inc. Has $22.10 Million Holdings in American Tower Co. (NYSE:AMT)

Corebridge Financial Inc. reduced its position in shares of American Tower Co. (NYSE:AMT - Free Report) by 5.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,492 shares of the real estate investment trust's stock after selling 6,337 shares during the period. Corebridge Financial Inc.'s holdings in American Tower were worth $22,099,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of AMT. Congress Wealth Management LLC DE boosted its position in American Tower by 7.3% during the 4th quarter. Congress Wealth Management LLC DE now owns 8,726 shares of the real estate investment trust's stock worth $1,601,000 after acquiring an additional 597 shares during the last quarter. Twin City Private Wealth LLC increased its stake in American Tower by 9.0% in the 4th quarter. Twin City Private Wealth LLC now owns 8,015 shares of the real estate investment trust's stock valued at $1,483,000 after buying an additional 661 shares during the last quarter. Mill Capital Management LLC lifted its position in American Tower by 1.2% during the 4th quarter. Mill Capital Management LLC now owns 120,683 shares of the real estate investment trust's stock worth $22,134,000 after buying an additional 1,440 shares in the last quarter. Crowley Wealth Management Inc. bought a new position in American Tower in the fourth quarter valued at approximately $37,000. Finally, Partners Group Holding AG increased its holdings in American Tower by 8.3% during the fourth quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust's stock worth $69,438,000 after buying an additional 28,988 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

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American Tower Price Performance

American Tower stock traded up $1.48 during midday trading on Friday, reaching $215.52. The company's stock had a trading volume of 1,907,465 shares, compared to its average volume of 2,385,502. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a market cap of $100.74 billion, a PE ratio of 90.94, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The business has a 50-day moving average price of $198.89 and a 200-day moving average price of $204.58.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.29 earnings per share. On average, sell-side analysts predict that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be issued a dividend of $1.70 per share. This is a boost from American Tower's previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, April 11th. American Tower's payout ratio is 141.37%.

Insider Buying and Selling at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction on 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 sale, the chief financial officer now directly owns 62,792 shares in the company, valued at $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.18% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on AMT. 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. Wells Fargo & Company raised shares of American Tower from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $210.00 to $230.00 in a research report on Monday, March 17th. Citigroup boosted their price objective on shares of American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. BMO Capital Markets lifted their price target on shares of American Tower from $210.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Finally, Barclays raised their price objective on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $229.43.

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.