Exchange Traded Concepts LLC grew its holdings in American Tower Co. (NYSE:AMT – Free Report) by 8.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 7,607 shares of the real estate investment trust’s stock after purchasing an additional 613 shares during the quarter. Exchange Traded Concepts LLC’s holdings in American Tower were worth $1,395,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in AMT. Ascent Group LLC lifted its stake in shares of American Tower by 9.0% during the second quarter. Ascent Group LLC now owns 10,127 shares of the real estate investment trust’s stock worth $1,968,000 after purchasing an additional 840 shares in the last quarter. Creative Planning lifted its position in American Tower by 5.8% during the 2nd quarter. Creative Planning now owns 70,641 shares of the real estate investment trust’s stock worth $13,731,000 after acquiring an additional 3,861 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in American Tower by 5.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 58,617 shares of the real estate investment trust’s stock worth $11,394,000 after acquiring an additional 3,218 shares during the period. Sunbelt Securities Inc. grew its position in American Tower by 90.6% in the second quarter. Sunbelt Securities Inc. now owns 4,749 shares of the real estate investment trust’s stock valued at $923,000 after acquiring an additional 2,257 shares in the last quarter. Finally, Wallace Advisory Group LLC purchased a new stake in shares of American Tower during the second quarter valued at approximately $550,000. Institutional investors and hedge funds own 92.69% of the company’s stock.
American Tower Trading Up 3.7 %
NYSE:AMT opened at $192.01 on Tuesday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The business has a fifty day moving average of $192.08 and a 200-day moving average of $211.24. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market cap of $89.72 billion, a price-to-earnings ratio of 81.01, a PEG ratio of 1.24 and a beta of 0.84.
American Tower Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a dividend of $1.62 per share. The ex-dividend date is Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.37%. American Tower’s payout ratio is 273.42%.
Insiders Place Their Bets
In other news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.18% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
AMT has been the subject of a number of recent analyst reports. Barclays lowered their price target on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Wells Fargo & Company dropped their target price on American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 23rd. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. The Goldman Sachs Group cut their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, BMO Capital Markets decreased their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and an average price target of $226.31.
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.
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