Intact Investment Management Inc. Raises Position in American Tower Co. (NYSE:AMT)

Intact Investment Management Inc. raised its holdings in American Tower Co. (NYSE:AMT) by 24.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,000 shares of the real estate investment trust’s stock after buying an additional 7,200 shares during the period. Intact Investment Management Inc.’s holdings in American Tower were worth $7,988,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of American Tower by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 60,930,583 shares of the real estate investment trust’s stock worth $10,020,034,000 after purchasing an additional 196,942 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of American Tower by 5.6% during the 3rd quarter. Wellington Management Group LLP now owns 12,984,052 shares of the real estate investment trust’s stock worth $2,135,227,000 after purchasing an additional 691,934 shares during the last quarter. Morgan Stanley lifted its position in shares of American Tower by 3.7% during the 3rd quarter. Morgan Stanley now owns 7,269,957 shares of the real estate investment trust’s stock worth $1,195,545,000 after purchasing an additional 258,030 shares during the last quarter. FMR LLC lifted its position in shares of American Tower by 2.1% during the 3rd quarter. FMR LLC now owns 6,628,436 shares of the real estate investment trust’s stock worth $1,090,046,000 after purchasing an additional 138,303 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of American Tower by 1.0% during the 3rd quarter. Invesco Ltd. now owns 5,711,667 shares of the real estate investment trust’s stock worth $939,284,000 after purchasing an additional 56,598 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the sale, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.

Analysts Set New Price Targets

AMT has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price target on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. BMO Capital Markets cut their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Mizuho began coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective on the stock. Morgan Stanley lifted their price objective on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Finally, Barclays lifted their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $217.36.

American Tower Stock Performance

Shares of American Tower stock traded down $1.21 on Friday, reaching $171.69. 1,701,397 shares of the stock were exchanged, compared to its average volume of 2,597,943. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. The business has a fifty day moving average price of $190.29 and a two-hundred day moving average price of $193.97. The firm has a market capitalization of $80.07 billion, a PE ratio of 53.97, a PEG ratio of 1.37 and a beta of 0.67.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same quarter last year, the firm earned $2.34 earnings per share. The company’s revenue was up 3.0% compared to the same quarter last year. As a group, research analysts anticipate that American Tower Co. will post 9.94 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s dividend payout ratio is currently 203.77%.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.