Kentucky Retirement Systems Insurance Trust Fund Has $2.56 Million Stake in American Tower Co. (NYSE:AMT)

Kentucky Retirement Systems Insurance Trust Fund lifted its stake in American Tower Co. (NYSE:AMT) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,975 shares of the real estate investment trust’s stock after acquiring an additional 146 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in American Tower were worth $2,563,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Creative Planning boosted its holdings in shares of American Tower by 7.1% during the third quarter. Creative Planning now owns 75,640 shares of the real estate investment trust’s stock worth $17,591,000 after acquiring an additional 4,999 shares during the period. Good Life Advisors LLC bought a new stake in shares of American Tower in the third quarter valued at approximately $201,000. Blue Trust Inc. boosted its stake in shares of American Tower by 35.3% in the third quarter. Blue Trust Inc. now owns 5,177 shares of the real estate investment trust’s stock valued at $1,204,000 after buying an additional 1,350 shares during the period. Capital Investment Advisors LLC boosted its stake in shares of American Tower by 14.2% in the third quarter. Capital Investment Advisors LLC now owns 2,955 shares of the real estate investment trust’s stock valued at $687,000 after buying an additional 368 shares during the period. Finally, Resonant Capital Advisors LLC bought a new stake in shares of American Tower in the third quarter valued at approximately $245,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of AMT stock opened at $189.41 on Tuesday. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The firm has a 50-day moving average of $186.70 and a 200-day moving average of $208.71. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $88.51 billion, a P/E ratio of 79.92, a P/E/G ratio of 1.27 and a beta of 0.84.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, December 27th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.42%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value 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 approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on AMT. Scotiabank decreased their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research note on Thursday, January 23rd. Wells Fargo & Company reduced their price target on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Citigroup lowered their price objective on shares of American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a research report on Friday. Finally, Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research report on Monday, January 27th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.79.

American Tower 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.