21,280 Shares in American Tower Corporation $AMT Acquired by ABC Arbitrage SA

ABC Arbitrage SA acquired a new stake in shares of American Tower Corporation (NYSE:AMT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 21,280 shares of the real estate investment trust’s stock, valued at approximately $4,093,000.

Several other large investors also recently added to or reduced their stakes in AMT. Norges Bank bought a new position in shares of American Tower during the 2nd quarter valued at $1,371,875,000. JPMorgan Chase & Co. boosted its holdings in American Tower by 24.3% in the second quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after purchasing an additional 2,474,328 shares in the last quarter. Viking Global Investors LP increased its position in American Tower by 233.5% during the second quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after buying an additional 1,958,329 shares during the last quarter. Invesco Ltd. raised its holdings in American Tower by 11.9% during the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after buying an additional 708,808 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings 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 buying an additional 434,537 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AMT shares. Argus set a $210.00 price objective on American Tower in a research note on Thursday, October 30th. Royal Bank Of Canada dropped their price target on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a research report on Monday, January 12th. BMO Capital Markets cut shares of American Tower from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $210.00 to $185.00 in a research note on Friday, January 9th. UBS Group lowered their target price on shares of American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Finally, Morgan Stanley cut their target price on shares of American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a research report on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $218.79.

Insider Transactions at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the sale, the insider owned 211,379 shares in the company, valued at approximately $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.18% of the company’s stock.

American Tower Stock Up 2.7%

NYSE AMT opened at $178.45 on Wednesday. American Tower Corporation has a 1-year low of $166.88 and a 1-year high of $234.33. The company has a market capitalization of $83.54 billion, a price-to-earnings ratio of 28.51, a PEG ratio of 0.73 and a beta of 0.93. The stock’s 50 day moving average is $176.71 and its two-hundred day moving average is $187.42. 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 firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, December 29th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Monday, December 29th. American Tower’s dividend payout ratio (DPR) is currently 108.63%.

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.