Dimensional Fund Advisors LP boosted its holdings in American Tower Co. (NYSE:AMT – Free Report) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,470,679 shares of the real estate investment trust’s stock after acquiring an additional 123,502 shares during the period. American Tower comprises about 0.4% of Dimensional Fund Advisors LP’s investment portfolio, making the stock its 24th biggest holding. Dimensional Fund Advisors LP owned about 1.39% of American Tower worth $1,254,918,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cantillon Capital Management LLC boosted its holdings in shares of American Tower by 6.4% during the second quarter. Cantillon Capital Management LLC now owns 1,874,444 shares of the real estate investment trust’s stock valued at $363,530,000 after acquiring an additional 111,955 shares during the period. Equitable Trust Co. grew its holdings in American Tower by 3.7% in the 2nd quarter. Equitable Trust Co. now owns 3,440 shares of the real estate investment trust’s stock worth $667,000 after buying an additional 123 shares in the last quarter. Spotlight Asset Group Inc. acquired a new stake in American Tower in the 2nd quarter valued at approximately $114,000. Canada Pension Plan Investment Board raised its stake in American Tower by 6.2% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,655,236 shares of the real estate investment trust’s stock valued at $321,016,000 after acquiring an additional 97,300 shares in the last quarter. Finally, Lokken Investment Group LLC grew its stake in shares of American Tower by 20.0% in the second quarter. Lokken Investment Group LLC now owns 3,623 shares of the real estate investment trust’s stock worth $703,000 after purchasing an additional 603 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on the stock. Wells Fargo & Company decreased their target price on shares of American Tower from $215.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday, October 17th. StockNews.com initiated coverage on American Tower in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Scotiabank started coverage on American Tower in a research report on Friday, October 13th. They set a “sector outperform” rating and a $208.00 price target on the stock. Morgan Stanley cut their price objective on American Tower from $212.00 to $169.00 and set an “equal weight” rating for the company in a report on Monday, October 16th. Finally, Raymond James dropped their price target on shares of American Tower from $211.00 to $205.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 22nd. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $228.60.
Insider Buying and Selling at American Tower
In other American Tower news, CFO Rodney M. Smith sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $178.14, for a total value of $1,781,400.00. Following the transaction, the chief financial officer now directly owns 50,662 shares of the company’s stock, valued at approximately $9,024,928.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold 10,300 shares of company stock valued at $1,830,903 in the last quarter. Company insiders own 0.24% of the company’s stock.
American Tower Stock Up 5.4 %
Shares of AMT traded up $9.86 during trading hours on Tuesday, reaching $193.48. The company’s stock had a trading volume of 489,669 shares, compared to its average volume of 2,105,097. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 3.15. The firm has a market cap of $90.19 billion, a price-to-earnings ratio of 120.01, a P/E/G ratio of 1.57 and a beta of 0.63. The company has a 50 day moving average of $171.54 and a two-hundred day moving average of $182.69. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $235.57.
American Tower Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Wednesday, October 11th were given a $1.62 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.57. The ex-dividend date was Tuesday, October 10th. This represents a $6.48 dividend on an annualized basis and a yield of 3.35%. American Tower’s dividend payout ratio is presently 423.53%.
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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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