OFI Invest Asset Management Makes New Investment in American Tower Co. (NYSE:AMT)

OFI Invest Asset Management bought a new position in shares of American Tower Co. (NYSE:AMT) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 116,715 shares of the real estate investment trust’s stock, valued at approximately $20,673,000.

Several other large investors have also recently modified their holdings of AMT. Rehmann Capital Advisory Group grew its stake in American Tower by 4.2% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock valued at $332,000 after buying an additional 58 shares in the last quarter. Precedent Wealth Partners LLC increased its holdings in shares of American Tower by 4.7% in the fourth quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 58 shares during the period. Resonant Capital Advisors LLC boosted its position in shares of American Tower by 5.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after acquiring an additional 61 shares during the last quarter. Calamos Wealth Management LLC grew its stake in American Tower by 2.9% in the 4th quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock worth $398,000 after buying an additional 61 shares in the last quarter. Finally, Sunburst Financial Group LLC increased its holdings in shares of American Tower by 4.9% in the 4th quarter. Sunburst Financial Group LLC now owns 1,354 shares of the real estate investment trust’s stock worth $248,000 after buying an additional 63 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AMT shares. Hsbc Global Res raised American Tower to a “strong-buy” rating in a research note on Thursday, February 27th. Barclays dropped their price target on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Mizuho cut their target price on American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Citigroup lowered their price target on American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, February 14th. Finally, Wells Fargo & Company cut their price objective on American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $225.21.

Insider Buying and Selling at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of American Tower stock opened at $212.49 on Friday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The firm’s 50-day moving average is $189.60 and its 200 day moving average is $206.30. The stock has a market cap of $99.29 billion, a price-to-earnings ratio of 89.66, a PEG ratio of 1.29 and a beta of 0.85. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

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

American Tower Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a $1.70 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a yield of 3.20%. American Tower’s payout ratio is 134.72%.

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.