American Tower Co. (NYSE:AMT) Position Raised by Assetmark Inc.

Posted by Defense World Staff on Aug 9th, 2023

Assetmark Inc. boosted its position in American Tower Co. (NYSE:AMT – Free Report) by 18.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,387 shares of the real estate investment trust’s stock after purchasing an additional 1,637 shares during the period. Assetmark Inc.’s holdings in American Tower were worth $2,122,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC boosted its stake in American Tower by 101,474.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock valued at $2,219,094,000 after buying an additional 10,464,030 shares in the last quarter. Norges Bank bought a new position in shares of American Tower during the 4th quarter valued at about $1,008,567,000. Morgan Stanley grew its stake in shares of American Tower by 15.4% in the 4th quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock worth $1,532,063,000 after purchasing an additional 962,800 shares during the last quarter. Amundi raised its holdings in shares of American Tower by 53.3% in the 4th 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. Finally, Principal Financial Group Inc. lifted its stake in 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 valued at $1,431,256,000 after purchasing an additional 814,403 shares during the last quarter. 97.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Rodney M. Smith sold 3,524 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $188.91, for a total transaction of $665,718.84. Following the completion of the sale, the chief financial officer now owns 53,389 shares in the company, valued at approximately $10,085,715.99. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.24% of the company’s stock.

American Tower Price Performance

NYSE AMT opened at $184.65 on Wednesday. The company has a 50 day moving average price of $190.21 and a two-hundred day moving average price of $198.62. American Tower Co. has a 12-month low of $178.17 and a 12-month high of $282.47. The stock has a market capitalization of $86.08 billion, a PE ratio of 89.20, a price-to-earnings-growth ratio of 1.47 and a beta of 0.57. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 2.96.

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 10th. Investors of record on Friday, June 16th were issued a $1.57 dividend. The ex-dividend date was Thursday, June 15th. This is a boost from American Tower’s previous quarterly dividend of $1.56. This represents a $6.28 dividend on an annualized basis and a yield of 3.40%. American Tower’s dividend payout ratio is currently 303.38%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AMT shares. Barclays cut their price objective on American Tower from $233.00 to $228.00 and set an “overweight” rating for the company in a research report on Monday. Raymond James dropped their target price on shares of American Tower from $238.00 to $211.00 in a research report on Friday, July 28th. BMO Capital Markets assumed coverage on shares of American Tower in a research note on Thursday, July 13th. They issued an “outperform” rating and a $230.00 price objective for the company. StockNews.com began coverage on shares of American Tower in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Morgan Stanley decreased their target price on American Tower from $224.00 to $215.00 in a research report on Tuesday, April 18th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $240.93.

Read Our Latest Stock Report on American Tower

American Tower Profile

(Free Report)

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.