Connor Clark & Lunn Investment Management Ltd. Invests $11.90 Million in American Tower Corporation (NYSE:AMT)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in American Tower Corporation (NYSE:AMT) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 54,704 shares of the real estate investment trust’s stock, valued at approximately $11,904,000.

Several other hedge funds also recently modified their holdings of AMT. Brighton Jones LLC increased its stake in shares of American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after acquiring an additional 2,104 shares in the last quarter. Renaissance Technologies LLC increased its stake in American Tower by 158.6% during the 4th quarter. Renaissance Technologies LLC now owns 115,839 shares of the real estate investment trust’s stock valued at $21,246,000 after purchasing an additional 71,039 shares in the last quarter. Covestor Ltd increased its stake in American Tower by 78.0% during the 4th quarter. Covestor Ltd now owns 429 shares of the real estate investment trust’s stock valued at $78,000 after purchasing an additional 188 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of American Tower by 1.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 94,931 shares of the real estate investment trust’s stock worth $17,417,000 after acquiring an additional 1,046 shares in the last quarter. Finally, Sagespring Wealth Partners LLC bought a new stake in shares of American Tower in the 4th quarter worth $580,000. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $206.51 on Monday. The company has a market cap of $96.70 billion, a PE ratio of 75.09, a price-to-earnings-growth ratio of 1.18 and a beta of 0.82. The stock’s 50 day simple moving average is $218.37 and its 200-day simple moving average is $211.41. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the business earned $2.79 earnings per share. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 13th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Friday, June 13th. American Tower’s payout ratio is presently 247.27%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AMT shares. Wells Fargo & Company cut their price target on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. JMP Securities boosted their price target on shares of American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a report on Wednesday, April 30th. Scotiabank upped their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, April 30th. UBS Group upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $243.88.

Insider Buying and Selling

In related news, CEO Juan Font sold 720 shares of the business’s stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by insiders.

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