Eastern Bank raised its position in shares of American Tower Co. (NYSE:AMT - Free Report) by 1,607.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 102,427 shares of the real estate investment trust's stock after acquiring an additional 96,427 shares during the quarter. Eastern Bank's holdings in American Tower were worth $23,820,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of American Tower by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust's stock worth $12,248,812,000 after purchasing an additional 965,938 shares in the last quarter. Ameriprise Financial Inc. raised its position in American Tower by 41.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust's stock worth $1,243,333,000 after buying an additional 1,885,421 shares during the last quarter. Clearbridge Investments LLC lifted its stake in American Tower by 8.9% during the 2nd quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust's stock valued at $720,206,000 after acquiring an additional 302,676 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of American Tower by 16.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust's stock valued at $643,571,000 after acquiring an additional 464,429 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of American Tower by 0.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,630,644 shares of the real estate investment trust's stock valued at $315,868,000 after purchasing an additional 6,193 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.
Analyst Ratings Changes
Several brokerages recently issued reports on AMT. Wells Fargo & Company cut shares of American Tower from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Mizuho lifted their price objective 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 began coverage on American Tower in a report on Monday, July 1st. They issued a "buy" rating and a $230.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on American Tower from $240.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, September 23rd. Finally, Barclays raised their price objective on shares of American Tower from $223.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, American Tower currently has a consensus rating of "Moderate Buy" and an average price target of $237.92.
Get Our Latest Research Report on American Tower
Insider Activity at American Tower
In other news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the transaction, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Steven O. Vondran sold 21,537 shares of the firm's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares of the company's stock, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Olivier Puech sold 10,005 shares of the company's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at $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 90 days. 0.18% of the stock is owned by corporate insiders.
American Tower Price Performance
AMT traded up $0.05 during trading on Tuesday, reaching $221.52. 1,971,495 shares of the company traded hands, compared to its average volume of 2,274,004. The company has a market cap of $103.44 billion, a P/E ratio of 50.14, a PEG ratio of 1.03 and a beta of 0.83. The firm has a fifty day simple moving average of $228.54 and a 200 day simple moving average of $206.83. American Tower Co. has a 12-month low of $157.25 and a 12-month high of $243.56. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81.
American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data 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). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the company earned $2.46 EPS. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities analysts forecast that American Tower Co. will post 10.12 EPS for the current year.
American Tower Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower's dividend payout ratio (DPR) is presently 146.61%.
About American Tower
(
Free Report)
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.
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