Alerus Financial NA Lowers Stock Position in American Tower Co. (NYSE:AMT)

Posted by on Jun 13th, 2023

Alerus Financial NA lessened its stake in shares of American Tower Co. (NYSE:AMT – Get Rating) by 34.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,926 shares of the real estate investment trust’s stock after selling 1,011 shares during the quarter. Alerus Financial NA’s holdings in American Tower were worth $408,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Cottage Street Advisors LLC lifted its position in shares of American Tower by 17,322.3% during the fourth quarter. Cottage Street Advisors LLC now owns 1,495,527 shares of the real estate investment trust’s stock worth $282,000 after purchasing an additional 1,486,943 shares in the last quarter. Amundi lifted its position in shares of American Tower by 53.3% during the fourth quarter. Amundi now owns 2,347,688 shares of the real estate investment trust’s stock worth $535,555,000 after purchasing an additional 816,302 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of American Tower by 13.7% during the fourth quarter. Principal Financial Group Inc. now owns 6,755,670 shares of the real estate investment trust’s stock worth $1,431,256,000 after purchasing an additional 814,403 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of American Tower by 19.5% during the third quarter. Nuveen Asset Management LLC now owns 4,658,127 shares of the real estate investment trust’s stock worth $1,000,100,000 after purchasing an additional 760,958 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of American Tower by 14.0% during the fourth quarter. Jennison Associates LLC now owns 5,299,426 shares of the real estate investment trust’s stock worth $1,122,736,000 after purchasing an additional 650,078 shares in the last quarter. Hedge funds and other institutional investors own 89.65% of the company’s stock.

American Tower Stock Up 0.7 %

AMT stock opened at $188.62 on Tuesday. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 2.83. American Tower Co. has a twelve month low of $178.17 and a twelve month high of $282.47. The company’s 50 day moving average is $196.64 and its two-hundred day moving average is $206.19. The stock has a market cap of $87.90 billion, a P/E ratio of 62.87, a PEG ratio of 1.30 and a beta of 0.57.

American Tower (NYSE:AMT – Get Rating) last announced its earnings results on Wednesday, April 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.28 by ($1.56). The business had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.74 billion. American Tower had a return on equity of 11.65% and a net margin of 12.85%. The business’s revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business posted $2.55 earnings per share. Research analysts expect that American Tower Co. will post 9.24 earnings per share for the current fiscal year.

American Tower Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 10th. Stockholders of record on Friday, June 16th will be given a dividend of $1.57 per share. The ex-dividend date is Thursday, June 15th. This is a positive change from American Tower’s previous quarterly dividend of $1.56. This represents a $6.28 dividend on an annualized basis and a dividend yield of 3.33%. American Tower’s dividend payout ratio (DPR) is 208.00%.

Wall Street Analysts Forecast Growth

AMT has been the topic of several research reports. StockNews.com initiated coverage on shares of American Tower in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Barclays increased their price target on shares of American Tower from $229.00 to $233.00 in a research report on Monday, May 1st. Morgan Stanley reduced their target price on shares of American Tower from $224.00 to $215.00 in a report on Tuesday, April 18th. Moffett Nathanson raised shares of American Tower from a “market perform” rating to an “outperform” rating and reduced their target price for the company from $244.00 to $234.00 in a report on Thursday, March 30th. Finally, Credit Suisse Group reduced their target price on shares of American Tower from $251.00 to $244.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target of $254.56.

American Tower Company Profile

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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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

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

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