American Tower Co. (NYSE:AMT) Shares Bought by Korea Investment CORP

Korea Investment CORP grew its stake in shares of American Tower Co. (NYSE:AMT) by 35.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 366,801 shares of the real estate investment trust’s stock after acquiring an additional 96,153 shares during the period. Korea Investment CORP owned about 0.08% of American Tower worth $67,275,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new stake in shares of American Tower in the third quarter valued at about $34,000. Graney & King LLC acquired a new position in shares of American Tower in the fourth quarter worth $32,000. Roxbury Financial LLC purchased a new stake in shares of American Tower in the fourth quarter valued at $32,000. Crowley Wealth Management Inc. acquired a new stake in shares of American Tower during the fourth quarter valued at $37,000. Finally, Hobbs Group Advisors LLC increased its position in American Tower by 51.0% during the 3rd quarter. Hobbs Group Advisors LLC now owns 222 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 75 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on AMT. Citigroup raised their price target on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. JMP Securities began coverage on shares of American Tower in a research report on Monday, January 27th. They issued an “outperform” rating and a $225.00 target price on the stock. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a research note on Thursday, February 27th. Wells Fargo & Company raised shares of American Tower from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $210.00 to $230.00 in a research note on Monday, March 17th. Finally, Mizuho lowered their price objective on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, American Tower has an average rating of “Buy” and a consensus price target of $229.43.

Insider Buying and Selling at American Tower

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 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 owns 62,792 shares in the company, valued at approximately $11,371,631.20. The trade was a 20.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.18% of the stock is currently owned by company insiders.

American Tower Stock Performance

Shares of AMT stock opened at $214.38 on Friday. The company has a market cap of $100.21 billion, a P/E ratio of 90.46, a PEG ratio of 1.29 and a beta of 0.85. The business has a 50 day moving average of $198.39 and a two-hundred day moving average of $205.01. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

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

American Tower Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be given a $1.70 dividend. The ex-dividend date is Friday, April 11th. This is an increase from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a yield of 3.17%. American Tower’s dividend payout ratio (DPR) is currently 141.37%.

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.