PensionDanmark Pensionsforsikringsaktieselskab Purchases 4,919 Shares of American Tower Corporation $AMT

PensionDanmark Pensionsforsikringsaktieselskab raised its position in shares of American Tower Corporation (NYSE:AMT) by 4.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 122,509 shares of the real estate investment trust’s stock after purchasing an additional 4,919 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in American Tower were worth $20,039,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Raleigh Capital Management Inc. boosted its stake in American Tower by 489.1% in the 1st quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust’s stock worth $2,365,000 after purchasing an additional 11,377 shares during the period. Canal Capital Management LLC raised its position in shares of American Tower by 81.9% during the first quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust’s stock valued at $5,949,000 after buying an additional 15,520 shares during the last quarter. Bernzott Capital Advisors lifted its holdings in shares of American Tower by 29.3% in the first quarter. Bernzott Capital Advisors now owns 42,161 shares of the real estate investment trust’s stock worth $7,276,000 after buying an additional 9,556 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of American Tower by 4.7% in the fourth quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust’s stock worth $855,675,000 after buying an additional 220,447 shares in the last quarter. Finally, Palouse Capital Management Inc. bought a new position in shares of American Tower during the first quarter worth $2,396,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMT has been the topic of a number of research reports. Weiss Ratings upgraded shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. cut their price objective on American Tower from $245.00 to $240.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Truist Financial lifted 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. Wolfe Research upgraded American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 target price on the stock in a research report on Wednesday, July 8th. Finally, Scotiabank reissued an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $215.19.

American Tower Price Performance

American Tower stock opened at $172.45 on Friday. The company has a market cap of $80.36 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 2.72 and a beta of 0.90. The firm’s fifty day moving average is $174.51 and its 200 day moving average is $178.20. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $214.79.

American Tower Announces Dividend

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

Insider Activity

In other news, EVP Ruth T. Dowling sold 1,106 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the sale, the executive vice president directly owned 27,711 shares in the company, valued at approximately $4,848,316.56. This represents a 3.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the transaction, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at approximately $3,833,254.92. The trade was a 18.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,791 shares of company stock worth $1,204,091 over the last 90 days. Corporate insiders own 0.08% of the company’s stock.

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.