Czech National Bank Purchases 5,113 Shares of American Tower Corporation $AMT

Czech National Bank raised its holdings in shares of American Tower Corporation (NYSE:AMT) by 4.0% during the second quarter, HoldingsChannel.com reports. The firm owned 132,611 shares of the real estate investment trust’s stock after acquiring an additional 5,113 shares during the quarter. Czech National Bank’s holdings in American Tower were worth $21,691,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of AMT. J. Stern & Co. LLP raised its stake in shares of American Tower by 28,121.1% during the fourth quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock worth $6,616,703,000 after buying an additional 37,553,436 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of American Tower by 20,721.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock valued at $1,705,254,000 after acquiring an additional 9,666,025 shares during the last quarter. Norges Bank bought a new stake in shares of American Tower during the 4th quarter valued at $1,171,180,000. Lazard Asset Management LLC lifted its stake in shares of American Tower by 1,984.8% in the 3rd quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock valued at $858,552,000 after purchasing an additional 4,250,242 shares during the period. Finally, Capital International Investors lifted its stake in shares of American Tower by 157.0% in the 4th quarter. Capital International Investors now owns 3,871,368 shares of the real estate investment trust’s stock valued at $679,696,000 after purchasing an additional 2,364,898 shares during the period. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Jefferies Financial Group decreased their price objective on American Tower from $210.00 to $201.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Truist Financial raised their target price on American Tower from $205.00 to $208.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. BMO Capital Markets boosted their target price on American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $214.00 price target on shares of American Tower in a research note on Wednesday, July 29th. Finally, Mizuho upgraded shares of American Tower from a “neutral” rating to an “outperform” rating and increased their price target for the company from $189.00 to $205.00 in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $215.19.

Insider Activity

In other news, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the transaction, the chief financial officer owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the transaction, the executive vice president owned 27,711 shares of the company’s stock, valued at $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,791 shares of company stock worth $1,204,091 in the last quarter. 0.08% of the stock is currently owned by company insiders.

American Tower Stock Performance

Shares of American Tower stock opened at $172.45 on Friday. The stock’s fifty day simple moving average is $174.51 and its 200 day simple moving average is $178.20. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. The company has a market capitalization of $80.36 billion, a PE ratio of 23.72, a PEG ratio of 2.72 and a beta of 0.90. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $214.79.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were given a dividend of $1.79 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.2%. American Tower’s dividend payout ratio (DPR) is currently 98.49%.

About American Tower

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.