American Tower Co. (NYSE:AMT) Shares Purchased by Magellan Asset Management Ltd

Magellan Asset Management Ltd boosted its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 6.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 993,577 shares of the real estate investment trust's stock after buying an additional 64,157 shares during the quarter. American Tower makes up approximately 2.0% of Magellan Asset Management Ltd's investment portfolio, making the stock its 22nd biggest holding. Magellan Asset Management Ltd owned about 0.21% of American Tower worth $182,232,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of American Tower during the fourth quarter worth $1,164,851,000. Raymond James Financial Inc. acquired a new position in American Tower during the 4th quarter valued at about $193,246,000. Daiwa Securities Group Inc. raised its stake in American Tower by 456.9% in the fourth quarter. Daiwa Securities Group Inc. now owns 1,124,633 shares of the real estate investment trust's stock valued at $206,269,000 after buying an additional 922,701 shares during the last quarter. Franklin Resources Inc. boosted its stake in American Tower by 16.8% in the 4th quarter. Franklin Resources Inc. now owns 5,164,905 shares of the real estate investment trust's stock worth $947,295,000 after purchasing an additional 742,632 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of American Tower by 3.1% during the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust's stock worth $4,924,091,000 after buying an additional 635,726 shares during the period. Institutional investors own 92.69% of the company's stock.

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Analysts Set New Price Targets

A number of equities analysts recently issued reports on AMT shares. Hsbc Global Res upgraded American Tower to a "strong-buy" rating in a research note on Thursday, February 27th. Barclays lifted their target price on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Scotiabank dropped their price objective 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. Citizens Jmp raised American Tower to a "strong-buy" rating in a report on Monday, January 27th. Finally, Mizuho cut their target price on shares of American Tower from $221.00 to $204.00 and set a "neutral" rating for the company in a report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, American Tower presently has a consensus rating of "Buy" and an average target price of $232.07.

Insider Activity at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is owned by corporate insiders.

American Tower Price Performance

Shares of American Tower stock traded down $2.99 during trading hours on Tuesday, reaching $210.40. 2,133,472 shares of the company's stock were exchanged, compared to its average volume of 2,445,054. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The business has a fifty day moving average of $202.64 and a two-hundred day moving average of $203.59. 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 $98.35 billion, a P/E ratio of 88.67, a price-to-earnings-growth ratio of 1.29 and a beta of 0.87.

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 analysts' consensus estimates of $1.79 by $0.83. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the firm earned $2.29 EPS. The business's revenue was up 3.7% compared to the same quarter last year. As a group, research analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Friday, April 11th. This is a positive change from American Tower's previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a yield of 3.23%. American Tower's dividend payout ratio (DPR) is 141.37%.

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.