Lincoln National Corp raised its holdings in American Tower Co. (REIT) (NYSE:AMT) by 8.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,215 shares of the real estate investment trust’s stock after purchasing an additional 649 shares during the quarter. Lincoln National Corp’s holdings in American Tower were worth $2,219,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in American Tower by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,877,499 shares of the real estate investment trust’s stock worth $1,166,015,000 after purchasing an additional 130,838 shares in the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of American Tower in the 1st quarter valued at $187,000. Quilter Plc purchased a new stake in American Tower during the first quarter worth $447,000. Formidable Asset Management LLC acquired a new stake in American Tower during the first quarter valued at $264,000. Finally, Pinnacle Associates Ltd. raised its position in shares of American Tower by 297.2% in the first quarter. Pinnacle Associates Ltd. now owns 8,642 shares of the real estate investment trust’s stock worth $2,066,000 after acquiring an additional 6,466 shares during the period. 89.57% of the stock is currently owned by institutional investors.
NYSE AMT opened at $264.18 on Thursday. American Tower Co. has a 52 week low of $197.50 and a 52 week high of $303.72. The firm has a market cap of $120.24 billion, a PE ratio of 53.26, a P/E/G ratio of 2.07 and a beta of 0.24. The business’s fifty day simple moving average is $284.03 and its 200-day simple moving average is $269.03. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 4.83.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th will be paid a $1.31 dividend. This represents a $5.24 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Monday, September 27th. This is a positive change from American Tower’s previous quarterly dividend of $1.27. American Tower’s dividend payout ratio is 62.09%.
In other news, Director Robert D. Hormats sold 100 shares of the company’s stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $289.49, for a total value of $28,949.00. Following the transaction, the director now directly owns 6,340 shares in the company, valued at approximately $1,835,366.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David E. Sharbutt sold 739 shares of the business’s stock in a transaction that occurred on Friday, September 3rd. The shares were sold at an average price of $300.71, for a total value of $222,224.69. The disclosure for this sale can be found here. Insiders have sold a total of 939 shares of company stock valued at $279,485 over the last three months. Corporate insiders own 0.68% of the company’s stock.
Several equities analysts recently weighed in on AMT shares. Credit Suisse Group lifted their price target on American Tower from $314.00 to $323.00 and gave the company an “outperform” rating in a research note on Friday, July 30th. Deutsche Bank Aktiengesellschaft increased their target price on American Tower from $250.00 to $295.00 and gave the company a “hold” rating in a research report on Thursday, July 8th. They noted that the move was a valuation call. Truist upped their price objective on shares of American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Oppenheimer cut shares of American Tower from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $305.00 to $300.00 in a research note on Friday, September 10th. Finally, Truist Securities raised their price target on shares of American Tower from $280.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, July 30th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $298.29.
American Tower Profile
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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