Richard Bernstein Advisors LLC Increases Stock Holdings in American Tower Co. (NYSE:AMT)

Richard Bernstein Advisors LLC grew its holdings in shares of American Tower Co. (NYSE:AMT) by 93.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 18,623 shares of the real estate investment trust’s stock after purchasing an additional 8,981 shares during the quarter. Richard Bernstein Advisors LLC’s holdings in American Tower were worth $3,612,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in AMT. Penserra Capital Management LLC grew its position in shares of American Tower by 6.4% during the 2nd quarter. Penserra Capital Management LLC now owns 103,276 shares of the real estate investment trust’s stock valued at $20,028,000 after acquiring an additional 6,219 shares during the period. Heard Capital LLC increased its position in American Tower by 10.0% in the second quarter. Heard Capital LLC now owns 756,645 shares of the real estate investment trust’s stock worth $146,744,000 after buying an additional 68,565 shares in the last quarter. ExodusPoint Capital Management LP raised its stake in shares of American Tower by 353.5% in the second quarter. ExodusPoint Capital Management LP now owns 118,977 shares of the real estate investment trust’s stock worth $23,074,000 after buying an additional 92,740 shares during the period. MetLife Investment Management LLC lifted its position in shares of American Tower by 2.5% during the 2nd quarter. MetLife Investment Management LLC now owns 137,683 shares of the real estate investment trust’s stock valued at $26,702,000 after buying an additional 3,342 shares in the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of American Tower by 283.6% during the 2nd quarter. Osaic Holdings Inc. now owns 593,820 shares of the real estate investment trust’s stock valued at $32,565,000 after acquiring an additional 439,035 shares during the period. Institutional investors own 89.29% of the company’s stock.

American Tower Price Performance

Shares of AMT stock traded down $1.09 on Tuesday, reaching $198.55. The company’s stock had a trading volume of 266,808 shares, compared to its average volume of 2,122,744. The stock’s fifty day simple moving average is $173.23 and its 200-day simple moving average is $182.69. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $235.57. The company has a market capitalization of $92.56 billion, a price-to-earnings ratio of 130.48, a price-to-earnings-growth ratio of 1.70 and a beta of 0.63. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 3.15.

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Wednesday, October 11th were paid a $1.62 dividend. This is a boost from American Tower’s previous quarterly dividend of $1.57. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Tuesday, October 10th. American Tower’s dividend payout ratio (DPR) is presently 423.53%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Royal Bank of Canada dropped their price target on shares of American Tower from $233.00 to $230.00 and set an “outperform” rating for the company in a research report on Tuesday, August 1st. StockNews.com assumed coverage on American Tower in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Scotiabank initiated coverage on American Tower in a research report on Friday, October 13th. They issued a “sector outperform” rating and a $208.00 price objective on the stock. Barclays cut their target price on American Tower from $233.00 to $228.00 and set an “overweight” rating for the company in a research report on Monday, August 7th. Finally, Raymond James lowered their price target on American Tower from $211.00 to $205.00 and set an “outperform” rating on the stock in a 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $228.60.

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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.