IFM Investors Pty Ltd grew its holdings in American Tower Corp (NYSE:AMT) by 13.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,900 shares of the real estate investment trust’s stock after acquiring an additional 4,347 shares during the period. IFM Investors Pty Ltd’s holdings in American Tower were worth $8,920,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. raised its position in American Tower by 5.2% in the second quarter. BlackRock Inc. now owns 32,875,452 shares of the real estate investment trust’s stock worth $8,499,618,000 after acquiring an additional 1,636,978 shares during the period. Capital International Investors raised its position in shares of American Tower by 5.3% during the 1st quarter. Capital International Investors now owns 6,205,812 shares of the real estate investment trust’s stock valued at $1,351,322,000 after purchasing an additional 312,957 shares during the period. Bank of New York Mellon Corp raised its position in shares of American Tower by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,965,267 shares of the real estate investment trust’s stock valued at $1,025,181,000 after purchasing an additional 21,526 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of American Tower by 73.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,811,329 shares of the real estate investment trust’s stock valued at $985,381,000 after purchasing an additional 1,619,316 shares during the period. Finally, Principal Financial Group Inc. grew its stake in American Tower by 5.3% during the second quarter. Principal Financial Group Inc. now owns 3,643,362 shares of the real estate investment trust’s stock valued at $941,955,000 after acquiring an additional 182,104 shares in the last quarter. Institutional investors and hedge funds own 90.60% of the company’s stock.
American Tower stock traded up $3.12 during trading hours on Friday, hitting $242.72. The company had a trading volume of 1,479,993 shares, compared to its average volume of 2,082,038. The firm has a market cap of $107.66 billion, a P/E ratio of 56.32, a P/E/G ratio of 2.08 and a beta of 0.37. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.68 and a current ratio of 0.68. American Tower Corp has a 1 year low of $174.32 and a 1 year high of $272.20. The company has a 50-day moving average price of $246.13 and a two-hundred day moving average price of $249.44.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Monday, September 28th were given a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Friday, September 25th. This is a boost from American Tower’s previous quarterly dividend of $1.10. American Tower’s dividend payout ratio is presently 58.99%.
A number of equities analysts have commented on the stock. Barclays assumed coverage on shares of American Tower in a research note on Wednesday, July 15th. They issued an “overweight” rating and a $296.00 price objective for the company. Credit Suisse Group reissued a “buy” rating and issued a $300.00 price objective on shares of American Tower in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft cut their price target on shares of American Tower from $305.00 to $300.00 and set a “buy” rating on the stock in a report on Tuesday, October 6th. Wells Fargo & Company cut their price target on shares of American Tower from $290.00 to $285.00 and set an “overweight” rating on the stock in a report on Wednesday, September 16th. Finally, Oppenheimer began coverage on shares of American Tower in a report on Tuesday, August 11th. They set a “buy” rating and a $290.00 price target on the stock. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $273.69.
In related news, Director David E. Sharbutt sold 973 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $255.27, for a total transaction of $248,377.71. Following the completion of the transaction, the director now owns 763 shares in the company, valued at approximately $194,771.01. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Amit Sharma sold 18,440 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $258.94, for a total transaction of $4,774,853.60. Following the transaction, the executive vice president now owns 231,689 shares of the company’s stock, valued at approximately $59,993,549.66. The disclosure for this sale can be found here. Insiders sold a total of 26,525 shares of company stock valued at $6,870,712 in the last ninety days. Corporate insiders own 0.65% of the company’s stock.
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 approximately 171,000 communications sites.
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