abrdn plc Increases Stock Position in American Tower Co. (NYSE:AMT)

abrdn plc grew its holdings in American Tower Co. (NYSE:AMT) by 8.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 710,299 shares of the real estate investment trust’s stock after buying an additional 56,750 shares during the period. abrdn plc owned 0.15% of American Tower worth $129,466,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp increased its stake in shares of American Tower by 3.1% during the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock worth $4,924,091,000 after acquiring an additional 635,726 shares during the period. Geode Capital Management LLC grew its position in shares of American Tower by 1.9% in the third quarter. Geode Capital Management LLC now owns 11,213,613 shares of the real estate investment trust’s stock valued at $2,599,074,000 after purchasing an additional 204,426 shares during the last quarter. FMR LLC grew its position in shares of American Tower by 25.4% in the third 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of American Tower by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock valued at $1,211,397,000 after buying an additional 243,061 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of American Tower by 0.9% during the third quarter. Franklin Resources Inc. now owns 4,422,273 shares of the real estate investment trust’s stock valued at $981,455,000 after buying an additional 38,436 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 62,792 shares in the company, valued at $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AMT. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Scotiabank reduced 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 report on Thursday, January 23rd. Mizuho reduced their target price on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group dropped their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $226.23.

American Tower Stock Up 0.3 %

American Tower stock opened at $185.53 on Tuesday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market cap of $86.70 billion, a PE ratio of 78.28, a P/E/G ratio of 1.24 and a beta of 0.84. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The firm’s 50 day moving average price is $190.58 and its two-hundred day moving average price is $210.42.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s dividend payout ratio is 273.42%.

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.