Mirae Asset Global Investments Co. Ltd. Has $18.62 Million Stock Position in American Tower Corporation $AMT

Mirae Asset Global Investments Co. Ltd. increased its position in American Tower Corporation (NYSE:AMT) by 8.9% during the third quarter, Holdings Channel.com reports. The firm owned 96,793 shares of the real estate investment trust’s stock after buying an additional 7,872 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in American Tower were worth $18,615,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in AMT. Analyst IMS Investment Management Services Ltd. lifted its position in shares of American Tower by 3.6% during the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 1,370 shares of the real estate investment trust’s stock worth $303,000 after buying an additional 48 shares in the last quarter. Marion Wealth Management raised its stake in shares of American Tower by 0.8% in the second quarter. Marion Wealth Management now owns 5,924 shares of the real estate investment trust’s stock valued at $1,309,000 after buying an additional 48 shares during the period. Cypress Wealth Services LLC lifted its holdings in American Tower by 1.9% during the second quarter. Cypress Wealth Services LLC now owns 2,684 shares of the real estate investment trust’s stock valued at $593,000 after purchasing an additional 49 shares during the last quarter. YANKCOM Partnership lifted its stake in shares of American Tower by 2.9% during the 2nd quarter. YANKCOM Partnership now owns 1,729 shares of the real estate investment trust’s stock valued at $382,000 after buying an additional 49 shares in the last quarter. Finally, GPS Wealth Strategies Group LLC lifted its position in shares of American Tower by 2.0% during the second quarter. GPS Wealth Strategies Group LLC now owns 2,566 shares of the real estate investment trust’s stock worth $567,000 after acquiring an additional 51 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on AMT. Jefferies Financial Group lowered their target price on shares of American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. Wells Fargo & Company cut their target price on American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, October 29th. Royal Bank Of Canada reduced their price objective on American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a research note on Monday, January 12th. Citigroup reissued a “market outperform” rating on shares of American Tower in a research note on Wednesday, October 29th. Finally, TD Cowen dropped their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $218.79.

Insider Activity

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 211,379 shares in the company, valued at $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.

American Tower Stock Performance

AMT stock opened at $179.29 on Friday. 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 Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The stock has a market capitalization of $83.94 billion, a PE ratio of 28.64, a price-to-earnings-growth ratio of 0.76 and a beta of 0.92. The stock’s 50 day simple moving average is $177.44 and its 200 day simple moving average is $190.52.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.64 by $0.14. The business had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.52 EPS. As a group, research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, December 29th will be given a dividend of $1.70 per share. The ex-dividend date is Monday, December 29th. This represents a $6.80 annualized dividend and a yield of 3.8%. American Tower’s payout ratio is 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.