Ilmarinen Mutual Pension Insurance Co lowered its position in shares of American Tower Co. (REIT) (NYSE:AMT) by 67.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,000 shares of the real estate investment trust’s stock after selling 53,500 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in American Tower were worth $6,901,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of AMT. Vanguard Group Inc. grew its stake in American Tower by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 57,918,458 shares of the real estate investment trust’s stock worth $15,646,092,000 after buying an additional 1,177,194 shares in the last quarter. Amundi purchased a new position in American Tower in the 2nd quarter worth approximately $300,367,000. Morgan Stanley grew its stake in American Tower by 26.7% in the 2nd quarter. Morgan Stanley now owns 4,272,674 shares of the real estate investment trust’s stock worth $1,154,222,000 after buying an additional 900,101 shares in the last quarter. State Street Corp lifted its holdings in shares of American Tower by 5.0% in the 2nd quarter. State Street Corp now owns 18,105,368 shares of the real estate investment trust’s stock worth $4,913,452,000 after acquiring an additional 867,164 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of American Tower by 24.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,758,953 shares of the real estate investment trust’s stock worth $1,015,444,000 after acquiring an additional 732,847 shares during the last quarter. 89.37% of the stock is owned by institutional investors.
Shares of AMT stock traded down $0.52 during trading hours on Thursday, reaching $258.87. 12,679 shares of the company’s stock were exchanged, compared to its average volume of 1,741,273. The stock’s fifty day moving average price is $272.14 and its two-hundred day moving average price is $278.47. The stock has a market cap of $117.89 billion, a PE ratio of 47.16, a PEG ratio of 1.95 and a beta of 0.37. American Tower Co. has a 1 year low of $197.50 and a 1 year high of $303.72. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 3.32.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 14th. Stockholders of record on Monday, December 27th will be issued a $1.39 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.31. This represents a $5.56 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Thursday, December 23rd. American Tower’s dividend payout ratio is 101.09%.
A number of analysts have recently weighed in on the stock. The Goldman Sachs Group downgraded shares of American Tower from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $298.00 to $281.00 in a research report on Tuesday. Wells Fargo & Company lowered their price objective on shares of American Tower from $305.00 to $285.00 and set an “overweight” rating on the stock in a research note on Friday, November 19th. Raymond James decreased their target price on shares of American Tower from $296.00 to $294.00 and set an “outperform” rating on the stock in a research note on Monday, November 1st. JPMorgan Chase & Co. lowered shares of American Tower from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $285.00 to $271.00 in a report on Wednesday, January 5th. Finally, KeyCorp raised their target price on shares of American Tower from $302.00 to $311.00 and gave the company an “overweight” rating in a report on Friday, October 29th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $293.63.
In related news, Director Pamela D. A. Reeve sold 3,590 shares of the stock in a transaction on Thursday, December 9th. The shares were sold at an average price of $273.02, for a total transaction of $980,141.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joann A. Reed sold 866 shares of the stock in a transaction on Tuesday, November 16th. The stock was sold at an average price of $260.50, for a total transaction of $225,593.00. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.
American Tower Company Profile
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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