Allspring Global Investments Holdings LLC Acquires 42,797 Shares of American Tower Co. (NYSE:AMT)

Allspring Global Investments Holdings LLC grew its holdings in shares of American Tower Co. (NYSE:AMT) by 16.5% in the first quarter, HoldingsChannel.com reports. The fund owned 302,116 shares of the real estate investment trust’s stock after purchasing an additional 42,797 shares during the period. Allspring Global Investments Holdings LLC’s holdings in American Tower were worth $59,695,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. AQR Capital Management LLC lifted its position in American Tower by 3.3% in the 3rd quarter. AQR Capital Management LLC now owns 158,725 shares of the real estate investment trust’s stock worth $26,102,000 after buying an additional 5,045 shares during the last quarter. Axxcess Wealth Management LLC lifted its position in American Tower by 196.6% in the 3rd quarter. Axxcess Wealth Management LLC now owns 7,199 shares of the real estate investment trust’s stock worth $1,184,000 after buying an additional 4,772 shares during the last quarter. Evergreen Capital Management LLC lifted its position in American Tower by 49.3% in the 3rd quarter. Evergreen Capital Management LLC now owns 2,148 shares of the real estate investment trust’s stock worth $353,000 after buying an additional 709 shares during the last quarter. Legacy Advisors LLC lifted its position in American Tower by 4.8% in the 3rd quarter. Legacy Advisors LLC now owns 1,739 shares of the real estate investment trust’s stock worth $286,000 after buying an additional 79 shares during the last quarter. Finally, Lake Street Advisors Group LLC lifted its position in American Tower by 1.3% in the 3rd quarter. Lake Street Advisors Group LLC now owns 10,274 shares of the real estate investment trust’s stock worth $1,690,000 after buying an additional 129 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Down 0.9 %

NYSE AMT opened at $192.27 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The firm has a market capitalization of $89.79 billion, a PE ratio of 43.50, a P/E/G ratio of 1.39 and a beta of 0.81. The stock’s 50 day moving average is $188.65 and its 200 day moving average is $194.83.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the firm earned $2.54 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. Research analysts forecast that American Tower Co. will post 10.03 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 3.37%. American Tower’s dividend payout ratio is presently 146.61%.

Insider Activity at American Tower

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other American Tower news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the sale, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AMT has been the topic of a number of analyst reports. Scotiabank decreased their price target on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, May 1st. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $226.00 to $248.00 in a research note on Wednesday, May 1st. Barclays decreased their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Mizuho initiated coverage on American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target on the stock. Finally, Morgan Stanley lifted their price target on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.67.

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