Mirae Asset Global Investments Co. Ltd. Has $11.17 Million Stock Position in American Tower Co. (NYSE:AMT)

Mirae Asset Global Investments Co. Ltd. increased its stake in American Tower Co. (NYSE:AMT) by 9.1% during the third quarter, Holdings Channel reports. The firm owned 48,499 shares of the real estate investment trust’s stock after acquiring an additional 4,040 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in American Tower were worth $11,170,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of AMT. Cultivar Capital Inc. acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $25,000. Fairscale Capital LLC bought a new position in American Tower in the second quarter valued at approximately $27,000. Hobbs Group Advisors LLC acquired a new position in American Tower during the second quarter valued at approximately $29,000. Northwest Investment Counselors LLC bought a new stake in American Tower during the third quarter worth $30,000. Finally, Family Firm Inc. bought a new position in shares of American Tower in the 2nd quarter valued at $35,000. Institutional investors own 92.69% of the company’s stock.

Insider Activity

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’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 sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 in the last ninety days. 0.18% of the stock is owned by company insiders.

American Tower Stock Performance

Shares of AMT stock opened at $222.80 on Monday. 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 Co. has a one year low of $162.55 and a one year high of $243.56. The business’s 50 day simple moving average is $228.80 and its 200 day simple moving average is $207.84. The stock has a market capitalization of $104.04 billion, a PE ratio of 50.41, a PEG ratio of 1.08 and a beta of 0.83.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.46 earnings per share. As a group, research analysts forecast that American Tower Co. will post 10.12 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Analyst Ratings Changes

AMT has been the subject of several recent analyst reports. Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. The Goldman Sachs Group began coverage on shares of American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price objective for the company. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft increased their price target on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. 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 report on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $237.92.

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