Mirae Asset Global Investments Co. Ltd. trimmed its position in American Tower Co. (NYSE:AMT – Free Report) by 7.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 140,091 shares of the real estate investment trust’s stock after selling 10,630 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in American Tower were worth $27,169,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the business. MV Capital Management Inc. boosted its stake in American Tower by 75.3% in the second quarter. MV Capital Management Inc. now owns 135 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 58 shares in the last quarter. Riverview Trust Co acquired a new position in American Tower during the 2nd quarter worth approximately $27,000. Pinnacle Holdings LLC acquired a new stake in American Tower in the first quarter valued at approximately $29,000. Eagle Bay Advisors LLC acquired a new position in shares of American Tower during the second quarter worth $30,000. Finally, Sittner & Nelson LLC lifted its stake in shares of American Tower by 151.7% in the 1st quarter. Sittner & Nelson LLC now owns 151 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 91 shares during the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the company. Wells Fargo & Company lowered their target price on American Tower from $215.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday, October 17th. Citigroup dropped their price objective on shares of American Tower from $230.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, October 17th. Barclays decreased their price target on shares of American Tower from $233.00 to $228.00 and set an “overweight” rating for the company in a research report on Monday, August 7th. Morgan Stanley reduced their price objective on shares of American Tower from $212.00 to $169.00 and set an “equal weight” rating on the stock in a research note on Monday, October 16th. Finally, Scotiabank began coverage on American Tower in a report on Friday, October 13th. They set a “sector outperform” rating and a $208.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.60.
American Tower Price Performance
American Tower stock opened at $199.64 on Tuesday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 3.15. The business’s 50 day simple moving average is $173.23 and its 200 day simple moving average is $182.69. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $235.57. The company has a market cap of $93.07 billion, a price-to-earnings ratio of 130.48, a PEG ratio of 1.70 and a beta of 0.63.
American Tower Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Wednesday, October 11th were paid a dividend of $1.62 per share. This is an increase from American Tower’s previous quarterly dividend of $1.57. The ex-dividend date of this dividend was Tuesday, October 10th. This represents a $6.48 annualized dividend and a dividend yield of 3.25%. American Tower’s dividend payout ratio is presently 423.53%.
American Tower Company 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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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