American Tower Co. (NYSE:AMT) Position Lifted by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its holdings in shares of American Tower Co. (NYSE:AMT) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 279,764 shares of the real estate investment trust’s stock after buying an additional 2,362 shares during the period. American Tower comprises approximately 0.6% of State of Alaska Department of Revenue’s investment portfolio, making the stock its 19th biggest position. State of Alaska Department of Revenue’s holdings in American Tower were worth $51,310,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC lifted its holdings in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares during the period. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the third quarter worth $30,000. Hara Capital LLC acquired a new stake in shares of American Tower in the 3rd quarter valued at approximately $31,000. Legacy Investment Solutions LLC bought a new position in shares of American Tower during the third quarter worth $34,000. Finally, Activest Wealth Management raised its holdings in shares of American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 125 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMT has been the topic of a number of recent analyst reports. JMP Securities started coverage on American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 target price on the stock. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Barclays lowered their target price on American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Scotiabank decreased their target price on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research report on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.23.

American Tower Stock Performance

Shares of American Tower stock opened at $187.53 on Thursday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The business’s fifty day simple moving average is $189.66 and its 200-day simple moving average is $210.06. The firm has a market cap of $87.63 billion, a PE ratio of 79.13, a price-to-earnings-growth ratio of 1.24 and a beta of 0.84.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s dividend payout ratio (DPR) is currently 273.42%.

Insider Activity

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.18% of the company’s stock.

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.