BI Asset Management Fondsmaeglerselskab A S Purchases 8,466 Shares of American Tower Corporation $AMT

BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of American Tower Corporation (NYSE:AMT) by 4.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 181,053 shares of the real estate investment trust’s stock after acquiring an additional 8,466 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in American Tower were worth $34,820,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of American Tower by 0.3% in the second quarter. Vanguard Group Inc. now owns 63,028,367 shares of the real estate investment trust’s stock worth $13,930,530,000 after purchasing an additional 218,881 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of American Tower by 24.3% during the second quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock valued at $2,799,458,000 after buying an additional 2,474,328 shares during the last quarter. Invesco Ltd. increased its holdings in American Tower by 11.9% in the 2nd quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock worth $1,476,529,000 after buying an additional 708,808 shares in the last quarter. Norges Bank purchased a new position in American Tower in the 2nd quarter worth about $1,371,875,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in American Tower by 3.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,563,565 shares of the real estate investment trust’s stock valued at $1,229,659,000 after acquiring an additional 208,213 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Trading Up 1.9%

Shares of NYSE:AMT opened at $176.48 on Thursday. The stock has a 50 day moving average of $177.11 and a 200 day moving average of $189.29. The company has a market cap of $82.62 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 0.72 and a beta of 0.93. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were paid a $1.70 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.9%. American Tower’s dividend payout ratio is 108.63%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AMT shares. Wall Street Zen raised shares of American Tower from a “sell” rating to a “hold” rating in a report on Sunday, October 12th. Scotiabank dropped their target price on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. TD Cowen cut their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Morgan Stanley lowered their price target on American Tower from $255.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Finally, Raymond James Financial dropped their price target on American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average price target of $218.79.

Insider Activity at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the sale, the insider directly owned 211,379 shares in the company, valued at $14,743,685.25. This trade represents a 91.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by insiders.

American Tower Company 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.