Richard Bernstein Advisors LLC Has $3.61 Million Stock Position in American Tower Co. (NYSE:AMT)

Richard Bernstein Advisors LLC grew its stake in shares of American Tower Co. (NYSE:AMT) by 93.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,623 shares of the real estate investment trust’s stock after buying an additional 8,981 shares during the quarter. Richard Bernstein Advisors LLC’s holdings in American Tower were worth $3,612,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Penserra Capital Management LLC grew its holdings in American Tower by 6.4% during the 2nd quarter. Penserra Capital Management LLC now owns 103,276 shares of the real estate investment trust’s stock worth $20,028,000 after acquiring an additional 6,219 shares during the last quarter. Heard Capital LLC grew its stake in shares of American Tower by 10.0% in the second quarter. Heard Capital LLC now owns 756,645 shares of the real estate investment trust’s stock worth $146,744,000 after purchasing an additional 68,565 shares during the last quarter. ExodusPoint Capital Management LP increased its holdings in American Tower by 353.5% in the second quarter. ExodusPoint Capital Management LP now owns 118,977 shares of the real estate investment trust’s stock valued at $23,074,000 after purchasing an additional 92,740 shares during the period. MetLife Investment Management LLC raised its position in American Tower by 2.5% during the 2nd quarter. MetLife Investment Management LLC now owns 137,683 shares of the real estate investment trust’s stock worth $26,702,000 after purchasing an additional 3,342 shares during the last quarter. Finally, Osaic Holdings Inc. grew its position in shares of American Tower by 283.6% in the 2nd quarter. Osaic Holdings Inc. now owns 593,820 shares of the real estate investment trust’s stock valued at $32,565,000 after buying an additional 439,035 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Down 0.5 %

AMT traded down $1.09 during trading on Tuesday, hitting $198.55. 266,808 shares of the company’s stock were exchanged, compared to its average volume of 2,122,744. The stock has a market cap of $92.56 billion, a P/E ratio of 130.48, a PEG ratio of 1.70 and a beta of 0.63. The business’s 50 day moving average is $173.23 and its two-hundred day moving average is $182.69. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $235.57. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 3.15.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Wednesday, October 11th were paid a dividend of $1.62 per share. The ex-dividend date was Tuesday, October 10th. This represents a $6.48 dividend on an annualized basis and a yield of 3.26%. This is an increase from American Tower’s previous quarterly dividend of $1.57. American Tower’s payout ratio is 423.53%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AMT. StockNews.com initiated coverage on American Tower in a research report on Thursday, October 5th. They set a “hold” rating for the company. Barclays reduced their price objective on shares of American Tower from $233.00 to $228.00 and set an “overweight” rating on the stock in a research note on Monday, August 7th. Royal Bank of Canada lowered their target price on shares of American Tower from $233.00 to $230.00 and set an “outperform” rating for the company in a research note on Tuesday, August 1st. Wells Fargo & Company cut their price target on shares of American Tower from $215.00 to $210.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 17th. Finally, Morgan Stanley decreased their price target on American Tower from $212.00 to $169.00 and set an “equal weight” rating for the company in a report on Monday, October 16th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $228.60.

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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.