American Tower Co. (NYSE:AMT) is Maryland State Retirement & Pension System’s 6th Largest Position

Maryland State Retirement & Pension System raised its stake in shares of American Tower Co. (NYSE:AMT) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 434,840 shares of the real estate investment trust’s stock after buying an additional 6,595 shares during the period. American Tower comprises about 1.7% of Maryland State Retirement & Pension System’s investment portfolio, making the stock its 6th biggest holding. Maryland State Retirement & Pension System owned 0.09% of American Tower worth $85,920,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in American Tower in the 4th quarter worth about $1,051,898,000. Wellington Management Group LLP increased its holdings in American Tower by 21.9% in the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after buying an additional 2,839,570 shares during the last quarter. Edgewood Management LLC increased its holdings in American Tower by 46.2% in the fourth quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after buying an additional 1,576,683 shares during the last quarter. Jennison Associates LLC lifted its stake in American Tower by 41.0% in the fourth quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock valued at $1,144,014,000 after acquiring an additional 1,541,029 shares during the last quarter. Finally, International Assets Investment Management LLC grew its position in American Tower by 16,195.9% in the fourth quarter. International Assets Investment Management LLC now owns 849,340 shares of the real estate investment trust’s stock worth $1,833,560,000 after acquiring an additional 844,128 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Price Performance

Shares of NYSE:AMT traded up $2.52 during trading on Thursday, reaching $194.79. The stock had a trading volume of 1,182,562 shares, compared to its average volume of 2,002,200. The stock has a market capitalization of $90.96 billion, a PE ratio of 44.07, a P/E/G ratio of 1.37 and a beta of 0.81. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $219.10. The business’s 50-day moving average price is $189.44 and its 200 day moving average price is $194.69.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.54 EPS. As a group, equities analysts predict that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio is currently 146.61%.

Insider Buying and Selling at American Tower

In related news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on AMT shares. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. Mizuho assumed coverage on American Tower in a research note on Monday, April 8th. They set a “neutral” rating and a $205.00 price target for the company. Scotiabank cut their price objective on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, May 1st. Morgan Stanley upped their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Finally, BMO Capital Markets dropped their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and an average price target of $221.67.

American Tower 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.