PensionDanmark Pensionsforsikringsaktieselskab Purchases 4,919 Shares of American Tower Corporation $AMT

PensionDanmark Pensionsforsikringsaktieselskab increased its position in shares of American Tower Corporation (NYSE:AMT) by 4.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 122,509 shares of the real estate investment trust’s stock after purchasing an additional 4,919 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in American Tower were worth $20,039,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. J. Stern & Co. LLP raised its position in American Tower by 28,121.1% in the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock worth $6,616,703,000 after purchasing an additional 37,553,436 shares during the period. State Street Corp boosted its position in shares of American Tower by 0.3% during the fourth quarter. State Street Corp now owns 20,987,534 shares of the real estate investment trust’s stock valued at $3,719,634,000 after buying an additional 71,605 shares during the period. Geode Capital Management LLC boosted its position in shares of American Tower by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,499,035 shares of the real estate investment trust’s stock valued at $2,361,675,000 after buying an additional 227,361 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of American Tower by 20,721.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock valued at $1,705,254,000 after buying an additional 9,666,025 shares during the last quarter. Finally, Lazard Asset Management LLC grew its stake in shares of American Tower by 20.4% during the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock valued at $1,264,311,000 after buying an additional 1,240,780 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of NYSE:AMT opened at $172.45 on Friday. The firm’s 50 day simple moving average is $174.51 and its 200-day simple moving average is $178.20. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52. American Tower Corporation has a one year low of $160.06 and a one year high of $214.79. The firm has a market cap of $80.36 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 2.72 and a beta of 0.90.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were issued a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, June 12th. American Tower’s dividend payout ratio (DPR) is presently 98.49%.

Analyst Ratings Changes

AMT has been the subject of a number of research analyst reports. Weiss Ratings raised American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. Scotiabank reaffirmed an “outperform” rating on shares of American Tower in a research report on Wednesday, July 29th. BMO Capital Markets increased their target price on American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Truist Financial lifted their target price on American Tower from $205.00 to $208.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Barclays lowered their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $215.19.

Insiders Place Their Bets

In other American Tower news, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president directly owned 27,711 shares of the company’s stock, valued at $4,848,316.56. The trade was a 3.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer owned 21,428 shares of the company’s stock, valued at $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 6,791 shares of company stock valued at $1,204,091. 0.08% of the stock is currently owned by corporate insiders.

American Tower Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.