State of Alaska Department of Revenue Buys 791 Shares of American Tower Co. (NYSE:AMT)

State of Alaska Department of Revenue lifted its stake in American Tower Co. (NYSE:AMT) by 0.3% in the third quarter, HoldingsChannel.com reports. The fund owned 277,402 shares of the real estate investment trust’s stock after purchasing an additional 791 shares during the period. American Tower accounts for 0.7% of State of Alaska Department of Revenue’s holdings, making the stock its 17th biggest position. State of Alaska Department of Revenue’s holdings in American Tower were worth $64,510,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the stock. NBT Bank N A NY lifted its holdings in American Tower by 3.3% in the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock valued at $329,000 after acquiring an additional 54 shares during the period. CX Institutional increased its position in shares of American Tower by 2.9% during the 3rd quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock valued at $450,000 after purchasing an additional 54 shares during the last quarter. O Brien Greene & Co. Inc lifted its stake in shares of American Tower by 2.3% in the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after purchasing an additional 55 shares during the period. CFO4Life Group LLC boosted its holdings in shares of American Tower by 5.4% in the first quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock worth $221,000 after buying an additional 57 shares during the last quarter. Finally, Tyche Wealth Partners LLC grew its position in American Tower by 4.9% during the second quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock valued at $242,000 after buying an additional 58 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

AMT stock opened at $222.80 on Friday. The company has a market capitalization of $104.04 billion, a PE ratio of 50.41, a price-to-earnings-growth ratio of 1.08 and a beta of 0.83. The company’s fifty day moving average price is $228.80 and its 200-day moving average price is $207.66. American Tower Co. has a one year low of $162.55 and a one year high of $243.56. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81.

American Tower (NYSE:AMT) last released 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). The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the company earned $2.46 EPS. On average, equities analysts anticipate that American Tower Co. will post 10.12 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is presently 146.61%.

Analyst Ratings Changes

AMT has been the topic of several recent research reports. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. BMO Capital Markets lifted their target price on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. Scotiabank upped their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Royal Bank of Canada lifted their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. increased their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Three 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $237.92.

Insider Transactions at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’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 completion of the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 in the last ninety days. Corporate insiders own 0.18% of the company’s stock.

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.