Handelsbanken Fonder AB Raises Stock Position in American Tower Corporation $AMT

Handelsbanken Fonder AB lifted its stake in American Tower Corporation (NYSE:AMT) by 2.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 207,269 shares of the real estate investment trust’s stock after acquiring an additional 4,916 shares during the period. Handelsbanken Fonder AB’s holdings in American Tower were worth $33,903,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Richards Merrill & Peterson Inc. purchased a new stake in shares of American Tower in the 4th quarter valued at about $25,000. Oakworth Capital Inc. increased its position in American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 68 shares during the period. Swiss RE Ltd. acquired a new position in American Tower during the fourth quarter worth approximately $25,000. Allied Private Wealth LLC purchased a new stake in American Tower in the second quarter valued at approximately $29,000. Finally, Triumph Capital Management acquired a new stake in shares of American Tower in the third quarter valued at approximately $29,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AMT. The Goldman Sachs Group set a $210.00 target price on shares of American Tower in a research report on Tuesday, July 28th. Wolfe Research upgraded shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price target for the company in a research note on Wednesday, July 8th. Truist Financial raised their price objective on shares of American Tower from $205.00 to $208.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Weiss Ratings upgraded shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of American Tower in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $215.19.

Insider Buying and Selling at American Tower

In other news, EVP Ruth T. Dowling sold 1,106 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the transaction, the executive vice president directly owned 27,711 shares in the company, valued at $4,848,316.56. The trade was a 3.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the transaction, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,791 shares of company stock valued at $1,204,091 in the last 90 days. Company insiders own 0.08% of the company’s stock.

American Tower Price Performance

Shares of NYSE AMT opened at $169.49 on Wednesday. The stock has a fifty day moving average price of $173.82 and a 200 day moving average price of $178.04. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $214.79. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market cap of $78.97 billion, a PE ratio of 23.31, a P/E/G ratio of 2.68 and a beta of 0.90.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were given a dividend of $1.79 per share. The ex-dividend date was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a yield of 4.2%. American Tower’s dividend payout ratio is presently 98.49%.

American Tower Company Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.