Assetmark Inc. Acquires 12,406 Shares of American Tower Co. (NYSE:AMT)

Assetmark Inc. grew its holdings in shares of American Tower Co. (NYSE:AMT) by 524.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,770 shares of the real estate investment trust’s stock after purchasing an additional 12,406 shares during the quarter. Assetmark Inc.’s holdings in American Tower were worth $2,709,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of AMT. FMR LLC raised its holdings in shares of American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after purchasing an additional 2,152,646 shares in the last quarter. Adelante Capital Management LLC grew its stake in American Tower by 2,723.4% in the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock valued at $279,890,000 after buying an additional 1,160,890 shares during the last quarter. State Street Corp grew its stake in American Tower by 3.1% in the 3rd quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after buying an additional 635,726 shares during the last quarter. KBC Group NV grew its stake in American Tower by 270.4% in the 3rd quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust’s stock valued at $108,553,000 after buying an additional 340,742 shares during the last quarter. Finally, Brookfield Corp ON grew its stake in American Tower by 88.3% in the 3rd quarter. Brookfield Corp ON now owns 710,725 shares of the real estate investment trust’s stock valued at $165,286,000 after buying an additional 333,209 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of a number of research analyst reports. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Scotiabank lowered their target price on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research note on Thursday, January 23rd. Barclays lowered their target price on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Citigroup decreased their price target on shares of American Tower from $255.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, February 14th. Finally, The Goldman Sachs Group dropped their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.21.

American Tower Stock Performance

NYSE AMT opened at $212.49 on Monday. The stock has a market cap of $99.29 billion, a P/E ratio of 89.66, a PEG ratio of 1.29 and a beta of 0.85. The company’s 50-day simple moving average is $189.60 and its 200 day simple moving average is $206.21. American Tower Co. has a twelve month low of $170.46 and a twelve month 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.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.83. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.29 earnings per share. As a group, research analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a $1.70 dividend. The ex-dividend date is Friday, April 11th. This is a positive change from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a yield of 3.20%. American Tower’s payout ratio is 134.72%.

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.