Mirae Asset Global Investments Co. Ltd. Raises Holdings in American Tower Co. (NYSE:AMT)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of American Tower Co. (NYSE:AMT) by 17.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 56,915 shares of the real estate investment trust’s stock after purchasing an additional 8,416 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in American Tower were worth $10,352,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in AMT. CX Institutional grew its holdings in shares of American Tower by 2.9% during the third quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock worth $450,000 after buying an additional 54 shares during the last quarter. Palumbo Wealth Management LLC grew its holdings in shares of American Tower by 1.6% during the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock worth $864,000 after buying an additional 57 shares during the last quarter. Rehmann Capital Advisory Group grew its holdings in shares of American Tower by 4.2% during the third quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock worth $332,000 after buying an additional 58 shares during the last quarter. Precedent Wealth Partners LLC grew its holdings in shares of American Tower by 4.7% during the fourth quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock worth $235,000 after buying an additional 58 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its holdings in shares of American Tower by 5.3% during the third quarter. Sivia Capital Partners LLC now owns 1,179 shares of the real estate investment trust’s stock worth $274,000 after buying an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

AMT stock opened at $189.69 on Friday. The firm has a 50 day moving average of $189.23 and a 200-day moving average of $209.91. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a market cap of $88.64 billion, a price-to-earnings ratio of 80.04, a PEG ratio of 1.24 and a beta of 0.84.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were given 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 dividend yield of 3.42%. American Tower’s payout ratio is 273.42%.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction 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 $11,371,631.20. The trade was a 20.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AMT. BMO Capital Markets lowered their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. JMP Securities started coverage on American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 price target on the stock. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Wells Fargo & Company reduced their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. Finally, Scotiabank reduced their price objective on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and an average target price of $226.23.

American Tower Company 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.