M&G PLC Has $193.83 Million Stock Position in American Tower Corporation $AMT

M&G PLC raised its holdings in American Tower Corporation (NYSE:AMT) by 14.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,009,526 shares of the real estate investment trust’s stock after acquiring an additional 125,241 shares during the quarter. M&G PLC’s holdings in American Tower were worth $193,829,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC increased its stake in American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after purchasing an additional 2,104 shares in the last quarter. Sivia Capital Partners LLC grew its stake in shares of American Tower by 34.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust’s stock valued at $319,000 after buying an additional 368 shares during the period. Stratos Wealth Partners LTD. increased its position in American Tower by 4.3% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 12,048 shares of the real estate investment trust’s stock valued at $2,663,000 after buying an additional 497 shares in the last quarter. United Bank raised its stake in American Tower by 12.7% during the 2nd quarter. United Bank now owns 6,488 shares of the real estate investment trust’s stock worth $1,434,000 after buying an additional 733 shares during the period. Finally, Uhlmann Price Securities LLC boosted its holdings in American Tower by 12.8% in the second quarter. Uhlmann Price Securities LLC now owns 1,320 shares of the real estate investment trust’s stock worth $292,000 after acquiring an additional 150 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s stock in a transaction dated 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 transaction, the insider directly owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada lowered their target price on American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a research report on Monday, January 12th. Argus set a $210.00 price objective on shares of American Tower in a research note on Thursday, October 30th. The Goldman Sachs Group lowered their target price on shares of American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 16th. Mizuho decreased their price objective on American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of American Tower in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average price target of $218.79.

American Tower Trading Up 2.0%

NYSE:AMT opened at $192.03 on Monday. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The firm has a 50-day moving average price of $177.25 and a two-hundred day moving average price of $186.81. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $89.90 billion, a price-to-earnings ratio of 30.68, a price-to-earnings-growth ratio of 0.80 and a beta of 0.93.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, December 29th were given a $1.70 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 annualized dividend and a yield of 3.5%. American Tower’s payout ratio is currently 108.63%.

American Tower 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.