Fisher Funds Management LTD Makes New $58.91 Million Investment in American Tower Co. (NYSE:AMT)

Fisher Funds Management LTD bought a new stake in American Tower Co. (NYSE:AMT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 323,877 shares of the real estate investment trust’s stock, valued at approximately $58,905,000. American Tower accounts for approximately 1.4% of Fisher Funds Management LTD’s investment portfolio, making the stock its 22nd largest position.

A number of other hedge funds have also made changes to their positions in the stock. Fortitude Family Office LLC grew its position in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares in the last quarter. Hara Capital LLC purchased a new position in shares of American Tower during the 3rd quarter valued at $31,000. Roxbury Financial LLC acquired a new position in shares of American Tower in the fourth quarter worth $32,000. Legacy Investment Solutions LLC purchased a new stake in shares of American Tower during the third quarter worth $34,000. Finally, Activest Wealth Management boosted its position in American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 125 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

NYSE AMT opened at $191.32 on Friday. The company’s fifty day moving average is $185.67 and its two-hundred day moving average is $207.49. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. 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 firm has a market capitalization of $89.40 billion, a price-to-earnings ratio of 80.73, a P/E/G ratio of 1.29 and a beta of 0.84.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s payout ratio is presently 273.42%.

Insider Activity

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

Wall Street Analysts Forecast Growth

AMT has been the topic of several research reports. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group dropped their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Scotiabank reduced their target price on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday, January 23rd. BMO Capital Markets dropped their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company reduced their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $225.79.

American Tower Company Profile

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.