State of Michigan Retirement System Purchases 100 Shares of American Tower Co. (NYSE:AMT)

State of Michigan Retirement System raised its holdings in shares of American Tower Co. (NYSE:AMT) by 0.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 127,684 shares of the real estate investment trust’s stock after buying an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in American Tower were worth $25,229,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Cross Staff Investments Inc lifted its stake in shares of American Tower by 5.1% during the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after acquiring an additional 244 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in shares of American Tower by 57.7% in the 4th quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock valued at $7,718,000 after purchasing an additional 13,074 shares in the last quarter. Anchor Capital Advisors LLC lifted its position in shares of American Tower by 38.1% in the 4th quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after purchasing an additional 21,139 shares during the period. Meyer Handelman Co. purchased a new position in American Tower during the first quarter valued at approximately $801,000. Finally, TD Asset Management Inc increased its holdings in shares of American Tower by 23.2% in the 4th quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after acquiring an additional 51,882 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at American Tower

In related news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other American Tower news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AMT. Barclays decreased their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Morgan Stanley increased their target price on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. The Goldman Sachs Group assumed coverage on American Tower in a research report on Monday. They set a “buy” rating and a $230.00 price target on the stock. BMO Capital Markets lowered their price objective on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Finally, Scotiabank cut their price objective on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average target price of $221.67.

American Tower Stock Down 0.9 %

American Tower stock opened at $192.27 on Wednesday. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $219.10. The firm has a market cap of $89.79 billion, a price-to-earnings ratio of 43.50, a price-to-earnings-growth ratio of 1.39 and a beta of 0.81. The business’s 50-day moving average price is $188.65 and its 200 day moving average price is $194.83. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period in the previous year, the business earned $2.54 EPS. American Tower’s revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be given a $1.62 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.37%. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

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.