Kentucky Retirement Systems Acquires Shares of 26,478 American Tower Co. (REIT) (NYSE:AMT)

Kentucky Retirement Systems bought a new position in American Tower Co. (REIT) (NYSE:AMT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 26,478 shares of the real estate investment trust’s stock, valued at approximately $7,153,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wagner Wealth Management LLC bought a new position in American Tower in the 1st quarter worth approximately $26,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of American Tower during the second quarter worth $34,000. Sound Income Strategies LLC boosted its holdings in shares of American Tower by 116.4% in the second quarter. Sound Income Strategies LLC now owns 158 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 85 shares during the period. KB Financial Partners LLC purchased a new position in shares of American Tower in the first quarter valued at $44,000. Finally, Summit Wealth Group LLC bought a new stake in shares of American Tower during the 1st quarter valued at $45,000. 89.57% of the stock is currently owned by institutional investors.

NYSE AMT traded down $2.44 during trading hours on Monday, reaching $279.74. 16,105 shares of the stock traded hands, compared to its average volume of 1,850,512. The company has a debt-to-equity ratio of 4.83, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a 50 day simple moving average of $288.21 and a two-hundred day simple moving average of $265.47. American Tower Co. has a 1 year low of $197.50 and a 1 year high of $303.72. The company has a market cap of $127.32 billion, a price-to-earnings ratio of 56.89, a price-to-earnings-growth ratio of 2.07 and a beta of 0.24.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Wednesday, July 28th. The real estate investment trust reported $1.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%. On average, sell-side analysts forecast that American Tower Co. will post 9.28 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Tuesday, September 28th will be paid a dividend of $1.31 per share. The ex-dividend date of this dividend is Monday, September 27th. This is an increase from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 annualized dividend and a dividend yield of 1.87%. American Tower’s dividend payout ratio (DPR) is 60.19%.

Several brokerages have commented on AMT. Argus raised their target price on American Tower from $288.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, August 12th. Truist Securities raised their price objective on shares of American Tower from $280.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, July 30th. KeyCorp upped their target price on shares of American Tower from $285.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, July 19th. They noted that the move was a valuation call. Oppenheimer downgraded shares of American Tower from an “outperform” rating to a “market perform” rating and cut their price target for the company from $305.00 to $300.00 in a report on Friday, September 10th. Finally, Citigroup lowered shares of American Tower from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 13th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $298.29.

In other news, EVP Steven O. Vondran sold 8,046 shares of the firm’s stock in a transaction that occurred on Monday, July 12th. The shares were sold at an average price of $279.09, for a total value of $2,245,558.14. Following the transaction, the executive vice president now owns 25,755 shares in the company, valued at $7,187,962.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert D. Hormats sold 100 shares of the stock in a transaction on Tuesday, July 6th. The shares were sold at an average price of $272.87, for a total transaction of $27,287.00. Following the sale, the director now directly owns 6,640 shares of the company’s stock, valued at approximately $1,811,856.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,085 shares of company stock valued at $2,552,330. Company insiders own 0.68% of the company’s stock.

American Tower Company Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

Further Reading: Risk Tolerance

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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