American Tower Co. (NYSE:AMT) Position Raised by Korea Investment CORP

Korea Investment CORP grew its position in shares of American Tower Co. (NYSE:AMT) by 35.5% during the 4th quarter, Holdings Channel reports. The firm owned 366,801 shares of the real estate investment trust’s stock after purchasing an additional 96,153 shares during the period. Korea Investment CORP’s holdings in American Tower were worth $67,275,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AMT. Partners Group Holding AG grew its holdings in American Tower by 8.3% during the fourth quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust’s stock worth $69,438,000 after acquiring an additional 28,988 shares during the period. Nordea Investment Management AB grew its stake in shares of American Tower by 28.5% in the 4th quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock worth $260,743,000 after purchasing an additional 314,769 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of American Tower in the 3rd quarter worth approximately $1,156,000. TigerOak Management L.L.C. acquired a new stake in American Tower during the fourth quarter valued at approximately $1,102,000. Finally, Brookstone Capital Management boosted its holdings in American Tower by 29.0% during the fourth quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock worth $1,629,000 after buying an additional 1,995 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of recent research reports. Citigroup increased their price objective on American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Citizens Jmp raised American Tower to a “strong-buy” rating in a report on Monday, January 27th. Wells Fargo & Company raised American Tower from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $210.00 to $230.00 in a research note on Monday, March 17th. Scotiabank reduced their price objective on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday, January 23rd. Finally, JMP Securities began coverage on shares of American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 price target on the stock. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, American Tower presently has a consensus rating of “Buy” and a consensus price target of $229.43.

American Tower Price Performance

Shares of NYSE:AMT opened at $214.38 on Friday. The business has a fifty day simple moving average of $198.39 and a 200 day simple moving average of $205.01. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The firm has a market cap of $100.21 billion, a price-to-earnings ratio of 90.46, a P/E/G ratio of 1.29 and a beta of 0.85.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same period last year, the business earned $2.29 EPS. The business’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, sell-side analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be paid a dividend of $1.70 per share. This is a positive change from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 annualized dividend and a dividend yield of 3.17%. American Tower’s dividend payout ratio is 141.37%.

Insider Activity

In other news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is owned by insiders.

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.