American Tower Co. (NYSE:AMT) Shares Acquired by Allstate Corp

Allstate Corp lifted its position in American Tower Co. (NYSE:AMT) by 55.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,245 shares of the real estate investment trust’s stock after acquiring an additional 9,667 shares during the period. Allstate Corp’s holdings in American Tower were worth $4,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. DnB Asset Management AS raised its position in shares of American Tower by 3.1% in the fourth quarter. DnB Asset Management AS now owns 122,205 shares of the real estate investment trust’s stock valued at $22,414,000 after buying an additional 3,700 shares during the last quarter. Level Four Advisory Services LLC grew its stake in American Tower by 2.2% during the 4th quarter. Level Four Advisory Services LLC now owns 29,280 shares of the real estate investment trust’s stock valued at $5,370,000 after acquiring an additional 621 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in American Tower by 4.1% in the 4th quarter. Orion Portfolio Solutions LLC now owns 16,322 shares of the real estate investment trust’s stock valued at $2,994,000 after acquiring an additional 648 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in American Tower by 12.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 268,982 shares of the real estate investment trust’s stock worth $49,334,000 after purchasing an additional 30,080 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of American Tower by 0.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 141,684 shares of the real estate investment trust’s stock worth $25,986,000 after purchasing an additional 356 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Performance

Shares of American Tower stock opened at $215.52 on Friday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market capitalization of $100.74 billion, a price-to-earnings ratio of 90.94, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The business has a 50-day moving average of $198.89 and a 200 day moving average of $204.85. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.83. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.51 billion. During the same quarter in the previous year, the business posted $2.29 earnings per share. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts forecast that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be issued a $1.70 dividend. The ex-dividend date is Friday, April 11th. This is a positive change from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a yield of 3.16%. American Tower’s dividend payout ratio (DPR) is 141.37%.

Insider Buying and Selling

In other news, CFO Rodney M. Smith sold 16,567 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Morgan Stanley reduced their price objective on American Tower from $219.00 to $213.00 and set an “equal weight” rating on the stock in a research report on Monday, February 24th. Hsbc Global Res raised shares of American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research report on Monday, January 27th. The Goldman Sachs Group decreased their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Barclays raised their price target on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $229.43.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.