Mitsubishi UFJ Asset Management UK Ltd. Buys Shares of 7,000 American Tower Co. (NYSE:AMT)

Mitsubishi UFJ Asset Management UK Ltd. bought a new position in shares of American Tower Co. (NYSE:AMT - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,000 shares of the real estate investment trust's stock, valued at approximately $1,628,000.

A number of other hedge funds have also modified their holdings of the company. Northwest Investment Counselors LLC bought a new stake in American Tower during the 1st quarter valued at approximately $25,000. Cultivar Capital Inc. purchased a new position in shares of American Tower in the second quarter worth $25,000. Fairscale Capital LLC purchased a new position in American Tower during the second quarter valued at $27,000. Hobbs Group Advisors LLC bought a new stake in American Tower in the 2nd quarter valued at $29,000. Finally, Family Firm Inc. purchased a new stake in American Tower in the 2nd quarter worth $35,000. 92.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Mizuho lifted their target price on American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a report on Thursday, September 12th. The Goldman Sachs Group assumed coverage on shares of American Tower in a report on Monday, July 1st. They issued a "buy" rating and a $230.00 target price for the company. Wells Fargo & Company downgraded shares of American Tower from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. Finally, Scotiabank increased their price target on shares of American Tower from $223.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $237.92.

Insider Activity at American Tower

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm's stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares of the company's stock, valued at $7,424,177.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last quarter. 0.18% of the stock is owned by corporate insiders.

American Tower Trading Up 1.0 %

Shares of NYSE:AMT traded up $2.14 during trading on Friday, reaching $226.30. 1,441,933 shares of the company were exchanged, compared to its average volume of 2,280,343. American Tower Co. has a 12-month low of $157.25 and a 12-month high of $243.56. The firm has a market capitalization of $105.68 billion, a PE ratio of 51.20, a P/E/G ratio of 1.01 and a beta of 0.83. The business's fifty day simple moving average is $228.62 and its 200-day simple moving average is $206.51. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). The firm had revenue of $2.90 billion for the quarter, compared to analysts' expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. During the same quarter in the prior year, the business posted $2.46 EPS. The business's quarterly revenue was up 4.7% on a year-over-year basis. On average, research analysts anticipate that American Tower Co. will post 10.13 EPS for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Wednesday, October 9th. American Tower's payout ratio is 146.61%.

About American Tower

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.