Jacobs & Co. CA purchased a new position in shares of American Tower Co. (REIT) (NYSE:AMT) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 8,369 shares of the real estate investment trust’s stock, valued at approximately $2,000,000.
Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in American Tower in the 4th quarter valued at $843,826,000. Morgan Stanley raised its holdings in American Tower by 23.9% in the 4th quarter. Morgan Stanley now owns 4,194,328 shares of the real estate investment trust’s stock valued at $941,458,000 after acquiring an additional 808,943 shares in the last quarter. BlackRock Inc. raised its holdings in shares of American Tower by 2.3% during the 4th quarter. BlackRock Inc. now owns 34,348,573 shares of the real estate investment trust’s stock worth $7,709,879,000 after buying an additional 776,600 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of American Tower by 19.5% during the 4th quarter. Principal Financial Group Inc. now owns 4,749,596 shares of the real estate investment trust’s stock worth $1,066,094,000 after buying an additional 776,322 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of American Tower by 57.5% during the 4th quarter. Canada Pension Plan Investment Board now owns 2,115,989 shares of the real estate investment trust’s stock worth $474,955,000 after buying an additional 772,309 shares in the last quarter. 89.97% of the stock is owned by institutional investors and hedge funds.
NYSE AMT traded down $1.06 on Thursday, hitting $243.65. 14,492 shares of the stock traded hands, compared to its average volume of 2,344,672. The business’s fifty day moving average is $222.85 and its two-hundred day moving average is $228.80. American Tower Co. has a 12 month low of $197.50 and a 12 month high of $272.20. The firm has a market capitalization of $108.27 billion, a price-to-earnings ratio of 57.85, a PEG ratio of 1.57 and a beta of 0.25. The company has a debt-to-equity ratio of 5.73, a quick ratio of 1.35 and a current ratio of 1.35.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 29th. Stockholders of record on Tuesday, April 13th will be issued a $1.24 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.21. This represents a $4.96 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Monday, April 12th. American Tower’s dividend payout ratio (DPR) is presently 62.61%.
In other news, EVP Olivier Puech sold 3,268 shares of the firm’s stock in a transaction on Tuesday, March 16th. The stock was sold at an average price of $220.00, for a total value of $718,960.00. Following the completion of the transaction, the executive vice president now directly owns 19,531 shares of the company’s stock, valued at $4,296,820. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.65% of the stock is owned by company insiders.
A number of brokerages recently weighed in on AMT. Cowen reduced their price objective on American Tower from $334.00 to $324.00 and set an “outperform” rating on the stock in a research report on Friday, February 26th. Royal Bank of Canada cut their target price on American Tower from $275.00 to $250.00 and set an “outperform” rating on the stock in a research report on Monday, March 15th. KeyCorp raised American Tower from a “sector weight” rating to an “overweight” rating and set a $275.00 price target on the stock in a research note on Wednesday, March 31st. Deutsche Bank Aktiengesellschaft downgraded American Tower from a “buy” rating to a “hold” rating and dropped their price target for the stock from $295.00 to $245.00 in a research note on Friday, December 11th. Finally, Credit Suisse Group lowered their price objective on American Tower from $307.00 to $296.00 and set an “outperform” rating for the company in a research note on Thursday, March 4th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. American Tower has an average rating of “Buy” and a consensus price target of $270.55.
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 approximately 181,000 communications sites.
Further Reading: NASDAQ Stock Market Explained
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