Allspring Global Investments Holdings LLC Boosts Stock Position in American Tower Co. (NYSE:AMT)

Posted by Defense World Staff on Apr 2nd, 2023

Allspring Global Investments Holdings LLC increased its stake in shares of American Tower Co. (NYSE:AMT – Get Rating) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 254,880 shares of the real estate investment trust’s stock after buying an additional 6,905 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.05% of American Tower worth $53,999,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. EWG Elevate Inc. purchased a new position in shares of American Tower during the 4th quarter worth $25,000. Pinnacle Holdings LLC acquired a new stake in American Tower during the first quarter worth about $29,000. Activest Wealth Management raised its stake in American Tower by 379.3% during the third quarter. Activest Wealth Management now owns 139 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 110 shares during the period. Eagle Bay Advisors LLC acquired a new position in American Tower in the 2nd quarter valued at about $30,000. Finally, Tortoise Investment Management LLC grew its stake in shares of American Tower by 76.8% in the 3rd quarter. Tortoise Investment Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 63 shares during the period. Institutional investors and hedge funds own 89.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of American Tower from $254.00 to $245.00 in a research report on Tuesday, March 7th. Royal Bank of Canada reduced their target price on American Tower from $240.00 to $230.00 and set an “outperform” rating on the stock in a research report on Monday, March 6th. Morgan Stanley increased their price target on American Tower from $219.00 to $224.00 and gave the stock an “equal weight” rating in a report on Monday, January 23rd. The Goldman Sachs Group upgraded shares of American Tower from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $215.00 to $245.00 in a report on Tuesday, January 10th. Finally, Wells Fargo & Company increased their target price on shares of American Tower from $225.00 to $245.00 in a research note on Wednesday, December 14th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $257.76.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 2,035 shares of the firm’s stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $220.85, for a total value of $449,429.75. Following the sale, the chief financial officer now owns 48,645 shares of the company’s stock, valued at $10,743,248.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Samme L. Thompson sold 1,739 shares of the company’s stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $218.59, for a total transaction of $380,128.01. Following the completion of the transaction, the director now directly owns 22,099 shares of the company’s stock, valued at approximately $4,830,620.41. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Rodney M. Smith sold 2,035 shares of the firm’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $220.85, for a total value of $449,429.75. Following the sale, the chief financial officer now directly owns 48,645 shares in the company, valued at approximately $10,743,248.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,587 shares of company stock valued at $1,947,849. 0.24% of the stock is currently owned by corporate insiders.

American Tower Price Performance

Shares of AMT opened at $204.34 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 2.75. American Tower Co. has a fifty-two week low of $178.17 and a fifty-two week high of $282.47. The company has a market cap of $95.15 billion, a P/E ratio of 53.21, a PEG ratio of 1.93 and a beta of 0.56. The firm’s 50 day moving average price is $206.37 and its 200 day moving average price is $211.34.

American Tower (NYSE:AMT – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The real estate investment trust reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of $2.16 by ($3.63). The company had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.68 billion. American Tower had a return on equity of 15.80% and a net margin of 16.49%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.18 EPS. On average, research analysts forecast that American Tower Co. will post 9.26 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Friday, April 14th will be paid a $1.56 dividend. This represents a $6.24 annualized dividend and a dividend yield of 3.05%. The ex-dividend date is Thursday, April 13th. American Tower’s payout ratio is presently 162.50%.

About American Tower

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American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant real estate properties. It offers leasing of space on communications sites to wireless service providers, radio and television broadcast companies. It operates through the following segments: U.S.

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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