Mirae Asset Global Investments Co. Ltd. Acquires 22,849 Shares of American Tower Co. (NYSE:AMT)

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of American Tower Co. (NYSE:AMTGet Rating) by 21.9% in the first quarter, HoldingsChannel reports. The firm owned 127,045 shares of the real estate investment trust’s stock after buying an additional 22,849 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in American Tower were worth $31,916,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CCLA Investment Management Ltd grew its holdings in shares of American Tower by 5.6% during the 1st quarter. CCLA Investment Management Ltd now owns 196,971 shares of the real estate investment trust’s stock worth $49,537,000 after acquiring an additional 10,459 shares during the period. Graypoint LLC grew its holdings in shares of American Tower by 8.4% during the 1st quarter. Graypoint LLC now owns 1,022 shares of the real estate investment trust’s stock worth $257,000 after acquiring an additional 79 shares during the period. Csenge Advisory Group grew its holdings in shares of American Tower by 139.8% during the 1st quarter. Csenge Advisory Group now owns 1,892 shares of the real estate investment trust’s stock worth $475,000 after acquiring an additional 1,103 shares during the period. Los Angeles Capital Management LLC grew its holdings in shares of American Tower by 1,115.6% during the 1st quarter. Los Angeles Capital Management LLC now owns 64,268 shares of the real estate investment trust’s stock worth $16,145,000 after acquiring an additional 58,981 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of American Tower by 1.3% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 31,311 shares of the real estate investment trust’s stock worth $7,866,000 after acquiring an additional 403 shares during the period. Institutional investors own 91.03% of the company’s stock.

Insider Buying and Selling

In related news, Director Robert D. Hormats sold 150 shares of the firm’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $254.53, for a total value of $38,179.50. Following the transaction, the director now directly owns 6,571 shares of the company’s stock, valued at approximately $1,672,516.63. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.24% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on AMT shares. Morgan Stanley reduced their target price on American Tower from $268.00 to $252.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 20th. KeyCorp upped their price target on American Tower from $283.00 to $300.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 2nd. Citigroup cut their price target on American Tower from $300.00 to $290.00 and set a “buy” rating on the stock in a research note on Monday, July 18th. Royal Bank of Canada upped their price target on American Tower from $282.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, August 4th. Finally, Barclays upped their price target on American Tower from $284.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, August 26th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $290.93.

American Tower Price Performance

NYSE AMT opened at $245.06 on Friday. The business’s fifty day moving average price is $263.16 and its 200-day moving average price is $253.12. The stock has a market capitalization of $114.10 billion, a price-to-earnings ratio of 40.31, a PEG ratio of 2.29 and a beta of 0.48. The company has a debt-to-equity ratio of 3.47, a current ratio of 0.65 and a quick ratio of 0.65. American Tower Co. has a 1-year low of $220.00 and a 1-year high of $298.00.

American Tower (NYSE:AMTGet Rating) last released its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.99. The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.64 billion. American Tower had a return on equity of 28.93% and a net margin of 27.23%. The company’s revenue was up 16.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.42 EPS. On average, equities analysts predict that American Tower Co. will post 9.47 earnings per share for the current year.

American Tower Profile

(Get Rating)

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.

Featured Stories

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Co. (NYSE:AMTGet Rating).

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.