Impax Asset Management Group plc Purchases 21,576 Shares of American Tower Corporation $AMT

Impax Asset Management Group plc boosted its position in shares of American Tower Corporation (NYSE:AMT) by 19.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 134,031 shares of the real estate investment trust’s stock after acquiring an additional 21,576 shares during the quarter. Impax Asset Management Group plc’s holdings in American Tower were worth $25,777,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AMT. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of American Tower by 8.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,793 shares of the real estate investment trust’s stock worth $18,615,000 after buying an additional 7,872 shares during the period. Eastern Bank boosted its stake in shares of American Tower by 69.6% during the third quarter. Eastern Bank now owns 139,091 shares of the real estate investment trust’s stock valued at $26,750,000 after purchasing an additional 57,078 shares during the period. Machina Capital S.A.S. bought a new position in American Tower in the 3rd quarter worth about $2,871,000. Commerzbank Aktiengesellschaft FI grew its stake in American Tower by 92.4% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust’s stock worth $11,808,000 after purchasing an additional 29,486 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in shares of American Tower by 52.5% during the second quarter. Los Angeles Capital Management LLC now owns 321,661 shares of the real estate investment trust’s stock valued at $71,094,000 after buying an additional 110,671 shares during the period. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

AMT has been the subject of a number of recent research reports. Citigroup reissued a “market outperform” rating on shares of American Tower in a research note on Wednesday, October 29th. Argus set a $210.00 price objective on shares of American Tower in a research report on Thursday, October 30th. Wells Fargo & Company lowered their price target on American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. BMO Capital Markets downgraded shares of American Tower from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $210.00 to $185.00 in a report on Friday, January 9th. Finally, Jefferies Financial Group dropped their target price on American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $218.79.

American Tower Trading Up 2.7%

AMT opened at $178.45 on Wednesday. The company’s 50 day simple moving average is $176.71 and its two-hundred day simple moving average is $187.42. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $83.54 billion, a price-to-earnings ratio of 28.51, a price-to-earnings-growth ratio of 0.73 and a beta of 0.93. American Tower Corporation has a 1-year low of $166.88 and a 1-year high of $234.33.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, December 29th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, December 29th. American Tower’s dividend payout ratio is presently 108.63%.

Insiders Place Their Bets

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the sale, the insider directly owned 211,379 shares in the company, valued at $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is currently owned by company insiders.

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.