American Tower Co. (NYSE:AMT) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its stake in American Tower Co. (NYSE:AMT) by 0.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 273,967 shares of the real estate investment trust’s stock after buying an additional 1,830 shares during the quarter. American Tower comprises about 0.6% of State of Alaska Department of Revenue’s portfolio, making the stock its 19th biggest holding. State of Alaska Department of Revenue owned about 0.06% of American Tower worth $54,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the stock. Yoder Wealth Management Inc. purchased a new stake in shares of American Tower during the first quarter worth approximately $296,000. Sivia Capital Partners LLC increased its stake in shares of American Tower by 16.5% during the first quarter. Sivia Capital Partners LLC now owns 1,155 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 164 shares during the period. Azzad Asset Management Inc. ADV purchased a new stake in shares of American Tower during the first quarter worth approximately $1,957,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of American Tower by 8.0% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,339,721 shares of the real estate investment trust’s stock worth $264,715,000 after buying an additional 98,667 shares during the period. Finally, Applied Capital LLC FL purchased a new stake in shares of American Tower during the first quarter worth approximately $303,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AMT shares. Scotiabank cut their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, May 1st. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. Barclays decreased their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Morgan Stanley increased their price objective on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Finally, BMO Capital Markets decreased their price objective on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and an average price target of $221.67.

Insider Activity

In other news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

American Tower Price Performance

American Tower stock traded up $2.52 during midday trading on Wednesday, reaching $194.79. The company’s stock had a trading volume of 1,182,068 shares, compared to its average volume of 2,403,042. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The firm has a market capitalization of $90.96 billion, a PE ratio of 44.07, a P/E/G ratio of 1.39 and a beta of 0.81. The stock’s 50 day simple moving average is $189.02 and its 200 day simple moving average is $194.69. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the business earned $2.54 EPS. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, equities research analysts forecast that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 14th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio is currently 146.61%.

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.