Fmr LLC Has $2.05 Billion Stock Position in American Tower Co. (NYSE:AMT)

Fmr LLC increased its stake in American Tower Co. (NYSE:AMT) by 5.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,179,269 shares of the real estate investment trust’s stock after buying an additional 537,136 shares during the quarter. Fmr LLC owned approximately 2.39% of American Tower worth $2,050,390,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AMT. Glenview Trust co lifted its position in shares of American Tower by 0.8% in the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock valued at $1,294,000 after buying an additional 54 shares during the last quarter. Rehmann Capital Advisory Group lifted its holdings in American Tower by 4.2% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock valued at $332,000 after purchasing an additional 58 shares during the last quarter. Precedent Wealth Partners LLC boosted its position in 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 purchasing an additional 58 shares during the period. Resonant Capital Advisors LLC increased its holdings in shares of American Tower by 5.8% in the fourth quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after purchasing an additional 61 shares during the last quarter. Finally, Calamos Wealth Management LLC raised its position in shares of American Tower by 2.9% in the fourth quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock valued at $398,000 after purchasing an additional 61 shares during the period. 92.69% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the 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 owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This represents a 20.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. The Goldman Sachs Group decreased their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Barclays increased their target price on American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. JMP Securities assumed coverage on American Tower in a research note on Monday, January 27th. They issued an “outperform” rating and a $225.00 price target for the company. Wells Fargo & Company upgraded American Tower from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $210.00 to $230.00 in a research report on Monday, March 17th. Finally, BMO Capital Markets boosted their target price on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, American Tower currently has a consensus rating of “Buy” and an average target price of $232.07.

American Tower Stock Performance

Shares of American Tower stock opened at $220.43 on Monday. The company has a 50 day moving average of $202.22 and a 200-day moving average of $203.72. The company has a market cap of $103.04 billion, a PE ratio of 93.01, a price-to-earnings-growth ratio of 1.29 and a beta of 0.87. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the business posted $2.29 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. As a group, equities research analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.08%. This is a boost from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio is 141.37%.

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.