Rockland Trust Co. Acquires Shares of 11,948 American Tower Corporation $AMT

Rockland Trust Co. bought a new position in American Tower Corporation (NYSE:AMT) in the third quarter, HoldingsChannel reports. The fund bought 11,948 shares of the real estate investment trust’s stock, valued at approximately $2,298,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank purchased a new position in American Tower in the second quarter valued at about $1,371,875,000. JPMorgan Chase & Co. lifted its holdings in shares of American Tower by 24.3% during the 2nd 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. Viking Global Investors LP grew its stake in shares of American Tower by 233.5% in the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock valued at $618,221,000 after buying an additional 1,958,329 shares in the last quarter. Invesco Ltd. increased its holdings in American Tower by 11.9% in the second 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 during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in American Tower by 13.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,605,059 shares of the real estate investment trust’s stock valued at $796,790,000 after acquiring an additional 434,537 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other American Tower 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 value 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.18% of the stock is currently owned by company insiders.

American Tower Stock Performance

Shares of NYSE AMT opened at $173.63 on Tuesday. American Tower Corporation has a 12 month low of $166.88 and a 12 month high of $234.33. The company has a market cap of $81.28 billion, a P/E ratio of 27.74, a P/E/G ratio of 0.72 and a beta of 0.93. The business’s 50 day moving average is $176.66 and its two-hundred day moving average is $187.79. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, December 29th were issued 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 yield of 3.9%. American Tower’s dividend payout ratio is 108.63%.

Wall Street Analyst Weigh In

AMT has been the subject of several recent research reports. BMO Capital Markets downgraded shares of American Tower from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $210.00 to $185.00 in a research report on Friday, January 9th. Scotiabank lowered their target price on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Royal Bank Of Canada cut their target price on American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a report on Monday, January 12th. HSBC decreased their price target on American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. Finally, Jefferies Financial Group cut their price objective on American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $218.79.

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.