American International Group Inc. Has $29.10 Million Stock Position in American Tower Co. (NYSE:AMT)

American International Group Inc. cut its holdings in shares of American Tower Co. (NYSE:AMT) by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 134,789 shares of the real estate investment trust’s stock after selling 499 shares during the quarter. American International Group Inc.’s holdings in American Tower were worth $29,098,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Gold Investment Management Ltd. acquired a new stake in American Tower in the 4th quarter worth $28,000. Thompson Investment Management Inc. bought a new stake in shares of American Tower in the 4th quarter worth approximately $29,000. Private Wealth Management Group LLC acquired a new stake in shares of American Tower during the 4th quarter worth approximately $31,000. Brown Shipley& Co Ltd bought a new stake in shares of American Tower during the third quarter valued at approximately $35,000. Finally, Valley National Advisers Inc. lifted its position in American Tower by 200.0% in the fourth quarter. Valley National Advisers Inc. now owns 177 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 118 shares during the period. 92.69% of the stock is owned by institutional investors.

Insider Buying and Selling at American Tower

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

American Tower Trading Up 1.0 %

Shares of NYSE AMT traded up $1.85 during mid-day trading on Friday, hitting $197.03. The company’s stock had a trading volume of 1,933,243 shares, compared to its average volume of 2,297,492. The company’s fifty day simple moving average is $185.16 and its 200-day simple moving average is $196.08. American Tower Co. has a one year low of $154.58 and a one year high of $219.10. The stock has a market cap of $92.01 billion, a price-to-earnings ratio of 44.58, a price-to-earnings-growth ratio of 1.40 and a beta of 0.79. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the previous year, the firm posted $2.54 EPS. The business’s revenue was up 2.4% on a year-over-year basis. On average, sell-side analysts anticipate that American Tower Co. will post 10.03 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, June 14th. American Tower’s dividend payout ratio is currently 146.61%.

Analyst Ratings Changes

AMT has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, February 28th. Mizuho began coverage on American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective on the stock. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Scotiabank dropped their price objective on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a report on Wednesday, May 1st. Finally, Morgan Stanley boosted their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $220.91.

About American Tower

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.