Allspring Global Investments Holdings LLC Has $84.56 Million Stock Holdings in American Tower Co. (NYSE:AMT)

Allspring Global Investments Holdings LLC increased its holdings in shares of American Tower Co. (NYSE:AMT) by 26.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 363,608 shares of the real estate investment trust’s stock after purchasing an additional 77,026 shares during the period. Allspring Global Investments Holdings LLC’s holdings in American Tower were worth $84,561,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the 1st quarter worth approximately $25,000. Cultivar Capital Inc. bought a new position in American Tower during the second quarter worth $25,000. Fairscale Capital LLC acquired a new stake in American Tower in the second quarter worth $27,000. Hobbs Group Advisors LLC bought a new stake in American Tower in the second quarter valued at $29,000. Finally, Family Firm Inc. bought a new position in shares of American Tower during the 2nd quarter worth about $35,000. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock worth $7,795,397 in the last quarter. 0.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on AMT shares. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Barclays upped their target price on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Royal Bank of Canada lifted their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. TD Cowen boosted their price target on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $237.92.

American Tower Stock Performance

Shares of AMT stock opened at $226.30 on Monday. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a 50-day moving average of $228.62 and a 200-day moving average of $206.61. American Tower Co. has a one year low of $157.25 and a one year high of $243.56. The company has a market cap of $105.70 billion, a P/E ratio of 42.54, a P/E/G ratio of 1.03 and a beta of 0.83.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the business posted $2.46 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts forecast that American Tower Co. will post 10.12 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be given a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.86%. American Tower’s dividend payout ratio is currently 121.80%.

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.