Shares of American Tower Co. (NYSE:AMT) purchased by California State Teachers Retirement System

California State Teachers Retirement System has sold its stake in shares of American Tower Co. (NYSE:AMT – Free Report) expanded 1.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 753,364 shares of the real estate investment trust, after purchasing an additional 10,715 shares during the quarter. California State Teachers Retirement System owned 0.16% of American Tower worth $162,636,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently changed their positions in the company. Alera Investment Advisors LLC increased its position in shares of American Tower by 1.3% during the fourth quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock worth $886,000 after purchasing an additional 51 shares during the last quarter. Allstate Corp increased its holdings in American Tower by 3.1% during the fourth quarter. Allstate Corp now owns 1,750 shares of the real estate investment trust valued at $378,000 after acquiring an additional 53 shares during the period. First Business Financial Services Inc. increased its stake in American Tower by 1.3% during the third quarter. First Business Financial Services Inc. now owns 4,290 shares of the real estate investment trust, valued at $705,000, after acquiring an additional 55 shares during the period. Augustine Asset Management Inc. increased its stake in American Tower by 0.8% in the fourth quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust, valued at $1,531,000, after acquiring an additional 56 shares during the period. Finally, McIlrath & Eck LLC increased its stake in American Tower by 13.9% in the fourth quarter. McIlrath & Eck LLC now owns 459 shares of the real estate investment trust valued at $99,000 after acquiring an additional 56 shares during the period. 92.69% of the shares are held by institutional investors and hedge funds.

Wall Street analysts predict growth

A number of stock analysts recently commented on the company. Barclays lowered their price target on American Tower from $234.00 to $223.00 and gave the company an “overweight” rating in a report on Thursday, May 30. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. JPMorgan Chase & Co. lowered his price target on American Tower from $236.00 to $230.00 and gave the company an “overweight” rating in a report on Wednesday, February 28. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $226.00 to $248.00 in a research note on Wednesday, May 1. Finally, BMO Capital Markets lowered their price objective on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of ‘Moderate Buy’ and a consensus target price of $220.91.

Check out our latest stock report on American Tower

Buying and selling with insider information

In other American Tower news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction that occurred on Friday, May 3. The shares sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a filing with the SEC, which is available at this link. In other American Tower news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction that occurred on Friday, May 3. The shares sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction that occurred on Wednesday, March 6. The stock sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The explanation of this sale can be found here. 0.18% of the shares are owned by company insiders.

Price performance of US towers

AMT stock opened at $197.00 on Tuesday. The company has a 50-day moving average of $184.70 and a 200-day moving average of $196.25. The stock has a market cap of $92.00 billion, a price-to-earnings ratio of 44.57, a PEG ratio of 1.40 and a beta of 0.79. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMT – Get Free Report) posted its latest earnings results on Tuesday, April 30. The real estate investment trust reported $1.96 earnings per share for the quarter, topping the consensus estimate of $2.43 by ($0.47). The company had revenue of $2.83 billion for the quarter, compared to analyst expectations of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. American Tower’s revenue rose 2.4% this quarter compared to the same quarter last year. During the same quarter of the previous year, the company earned $2.54 in earnings per share. Equity research analysts expect American Tower Co. will record a profit per share of 9.98 for the current financial year.

American Tower announces dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12. Investors of record on Friday, June 14 will receive a dividend of $1.62 per share. This represents a dividend of $6.48 annually and a yield of 3.29%. The ex-dividend date of this dividend is Friday, June 14. American Tower’s payout ratio is 146.61%.

American tower profile

(Free report)

American Tower, one of the largest REITs in the world, is a leading independent owner, operator and developer of multi-tenant communications real estate, with a portfolio of more than 224,000 communications locations and a highly interconnected footprint of U.S. data center facilities.

Also see

Quarterly Institutional Ownership for American Tower (NYSE:AMT)

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