American Tower Co. (NYSE:AMT) Shares Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its position in American Tower Co. (NYSE:AMT) by 17.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 64,886 shares of the real estate investment trust’s stock after acquiring an additional 9,751 shares during the period. Public Sector Pension Investment Board’s holdings in American Tower were worth $12,613,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. J. Stern & Co. LLP increased its stake in American Tower by 1.0% in the second quarter. J. Stern & Co. LLP now owns 111,089 shares of the real estate investment trust’s stock valued at $21,593,000 after purchasing an additional 1,139 shares during the last quarter. Fairscale Capital LLC purchased a new position in shares of American Tower during the 2nd quarter worth about $27,000. Gabelli Funds LLC boosted its position in shares of American Tower by 0.6% in the second quarter. Gabelli Funds LLC now owns 107,475 shares of the real estate investment trust’s stock worth $20,891,000 after acquiring an additional 675 shares during the last quarter. Frank Rimerman Advisors LLC boosted its holdings in shares of American Tower by 17,200.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 3,633 shares of the real estate investment trust’s stock valued at $706,000 after purchasing an additional 3,612 shares during the last quarter. Finally, Profund Advisors LLC grew its position in American Tower by 2.9% during the second quarter. Profund Advisors LLC now owns 7,426 shares of the real estate investment trust’s stock valued at $1,443,000 after acquiring an additional 212 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AMT shares. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group started coverage on shares of American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 price objective for the company. Scotiabank lifted their target price on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 31st. BMO Capital Markets increased their price target on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, September 13th. Finally, JPMorgan Chase & Co. boosted their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $234.00.

Insider Transactions at American Tower

In related news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is currently owned by insiders.

American Tower Price Performance

Shares of AMT stock opened at $236.24 on Tuesday. The firm has a fifty day moving average of $225.12 and a two-hundred day moving average of $202.62. The firm has a market cap of $110.32 billion, a P/E ratio of 53.45, a P/E/G ratio of 1.60 and a beta of 0.83. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the previous year, the company earned $2.46 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts anticipate that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.74%. American Tower’s dividend payout ratio (DPR) is 146.61%.

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.