American Tower Corporation $AMT Shares Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB raised its position in American Tower Corporation (NYSE:AMT) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 207,269 shares of the real estate investment trust’s stock after purchasing an additional 4,916 shares during the quarter. Handelsbanken Fonder AB’s holdings in American Tower were worth $33,903,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. J. Stern & Co. LLP raised its holdings in shares of American Tower by 28,121.1% in the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock valued at $6,616,703,000 after buying an additional 37,553,436 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in American Tower by 20,721.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock worth $1,705,254,000 after acquiring an additional 9,666,025 shares in the last quarter. Norges Bank purchased a new position in American Tower during the 4th quarter valued at about $1,171,180,000. Lazard Asset Management LLC boosted its holdings in American Tower by 1,984.8% during the 3rd quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock valued at $858,552,000 after acquiring an additional 4,250,242 shares during the period. Finally, Capital International Investors grew its position in American Tower by 157.0% in the 4th quarter. Capital International Investors now owns 3,871,368 shares of the real estate investment trust’s stock valued at $679,696,000 after acquiring an additional 2,364,898 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Price Performance

Shares of NYSE AMT opened at $169.49 on Wednesday. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market cap of $78.97 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 2.68 and a beta of 0.90. The stock’s 50-day moving average is $173.82 and its two-hundred day moving average is $178.04. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $214.79.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were paid a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, June 12th. American Tower’s dividend payout ratio is presently 98.49%.

Insider Buying and Selling

In related news, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the transaction, the chief financial officer owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president directly owned 27,711 shares in the company, valued at approximately $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 6,791 shares of company stock valued at $1,204,091 in the last quarter. 0.08% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AMT has been the topic of a number of recent research reports. Wolfe Research upgraded shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price target on the stock in a research note on Wednesday, July 8th. TD Cowen raised their price objective on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Sanford C. Bernstein restated an “outperform” rating and issued a $214.00 price objective on shares of American Tower in a report on Wednesday, July 29th. Scotiabank reaffirmed an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. reduced their target price on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, American Tower has an average rating of “Moderate Buy” and an average target price of $215.19.

American Tower Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.