American Tower Co. (NYSE:AMT) Shares Purchased by California Public Employees Retirement System

California Public Employees Retirement System raised its position in American Tower Co. (NYSE:AMT) by 4.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,631,644 shares of the real estate investment trust’s stock after purchasing an additional 65,641 shares during the quarter. California Public Employees Retirement System’s holdings in American Tower were worth $299,260,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Partners Group Holding AG raised its stake in American Tower by 8.3% during the 4th quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust’s stock valued at $69,438,000 after acquiring an additional 28,988 shares in the last quarter. Nordea Investment Management AB lifted its holdings in American Tower by 28.5% in the fourth quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock worth $260,743,000 after purchasing an additional 314,769 shares during the period. Point72 Hong Kong Ltd acquired a new position in American Tower during the 3rd quarter valued at about $1,156,000. TigerOak Management L.L.C. bought a new stake in shares of American Tower during the 4th quarter worth about $1,102,000. Finally, Brookstone Capital Management increased its stake in shares of American Tower by 29.0% during the fourth quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock valued at $1,629,000 after acquiring an additional 1,995 shares during the period. Institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AMT has been the topic of several research analyst reports. Barclays lifted their price target on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Scotiabank dropped their price target on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research report on Thursday, January 23rd. The Goldman Sachs Group lowered their price objective 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. Citigroup boosted their price target on shares of American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 10th. Finally, Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $229.43.

American Tower Trading Up 0.7 %

Shares of NYSE AMT opened at $215.52 on Friday. The stock has a market cap of $100.74 billion, a price-to-earnings ratio of 90.94, a PEG ratio of 1.29 and a beta of 0.85. The business has a 50 day simple moving average of $198.89 and a 200 day simple moving average of $204.58. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping the consensus estimate of $1.79 by $0.83. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the prior year, the business posted $2.29 EPS. American Tower’s quarterly revenue was up 3.7% on a year-over-year basis. On average, research analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a $1.70 dividend. The ex-dividend date is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.16%. This is a boost from American Tower’s previous quarterly dividend of $1.62. American Tower’s payout ratio is currently 141.37%.

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.