State of Michigan Retirement System Purchases 189 Shares of American Tower Co. (NYSE:AMT)

State of Michigan Retirement System lifted its position in American Tower Co. (NYSE:AMT – Get Rating) by 0.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,884 shares of the real estate investment trust’s stock after buying an additional 189 shares during the quarter. State of Michigan Retirement System’s holdings in American Tower were worth $28,861,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AMT. Graypoint LLC lifted its holdings in shares of American Tower by 8.4% during the first quarter. Graypoint LLC now owns 1,022 shares of the real estate investment trust’s stock worth $257,000 after buying an additional 79 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in American Tower by 1.3% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 31,311 shares of the real estate investment trust’s stock valued at $7,866,000 after purchasing an additional 403 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its stake in American Tower by 1.9% in the first quarter. Kornitzer Capital Management Inc. KS now owns 11,820 shares of the real estate investment trust’s stock valued at $2,969,000 after purchasing an additional 225 shares in the last quarter. CCLA Investment Management Ltd raised its stake in American Tower by 5.6% in the first quarter. CCLA Investment Management Ltd now owns 196,971 shares of the real estate investment trust’s stock valued at $49,537,000 after purchasing an additional 10,459 shares in the last quarter. Finally, AE Wealth Management LLC raised its stake in American Tower by 7.3% in the first quarter. AE Wealth Management LLC now owns 35,387 shares of the real estate investment trust’s stock valued at $8,890,000 after purchasing an additional 2,397 shares in the last quarter. 91.00% of the stock is owned by institutional investors.

Insider Transactions at American Tower

In other news, Director Robert D. Hormats sold 200 shares of the company’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $235.40, for a total transaction of $47,080.00. Following the transaction, the director now directly owns 6,721 shares of the company’s stock, valued at $1,582,123.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Robert D. Hormats sold 200 shares of the company’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $235.40, for a total transaction of $47,080.00. Following the transaction, the director now directly owns 6,721 shares of the company’s stock, valued at $1,582,123.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert D. Hormats sold 150 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $254.53, for a total value of $38,179.50. Following the sale, the director now owns 6,571 shares of the company’s stock, valued at approximately $1,672,516.63. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their price target on American Tower from $260.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday, July 14th. Citigroup decreased their target price on American Tower from $300.00 to $290.00 and set a “buy” rating on the stock in a research report on Monday, July 18th. Bank of America started coverage on American Tower in a research report on Sunday, June 5th. They issued a “buy” rating and a $315.00 target price on the stock. JPMorgan Chase & Co. upgraded American Tower from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $245.00 to $285.00 in a research report on Tuesday, June 21st. Finally, TheStreet upgraded American Tower from a “c+” rating to a “b” rating in a research report on Wednesday, April 27th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $291.56.

American Tower Price Performance

Shares of AMT opened at $258.28 on Thursday. American Tower Co. has a 52-week low of $220.00 and a 52-week high of $303.72. The company has a debt-to-equity ratio of 4.12, a quick ratio of 0.51 and a current ratio of 0.51. The business’s 50 day moving average price is $254.08 and its two-hundred day moving average price is $247.69. The firm has a market cap of $120.02 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 2.53 and a beta of 0.46.

American Tower (NYSE:AMT – Get Rating) last issued its earnings results on Wednesday, April 27th. The real estate investment trust reported $1.56 earnings per share for the quarter, missing analysts’ consensus estimates of $2.41 by ($0.85). American Tower had a return on equity of 30.44% and a net margin of 26.72%. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same period in the previous year, the company earned $2.46 earnings per share. American Tower’s revenue for the quarter was up 23.2% compared to the same quarter last year. On average, equities analysts anticipate that American Tower Co. will post 9.55 EPS for the current year.

American Tower Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Friday, June 17th were given a dividend of $1.43 per share. This represents a $5.72 dividend on an annualized basis and a dividend yield of 2.21%. This is a positive change from American Tower’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Thursday, June 16th. American Tower’s dividend payout ratio is presently 98.96%.

American Tower Company Profile

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American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.