Impax Asset Management Group plc Buys 21,576 Shares of American Tower Corporation $AMT

Impax Asset Management Group plc grew its stake in American Tower Corporation (NYSE:AMT) by 19.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,031 shares of the real estate investment trust’s stock after buying an additional 21,576 shares during the quarter. Impax Asset Management Group plc’s holdings in American Tower were worth $25,777,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in American Tower by 8.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,793 shares of the real estate investment trust’s stock valued at $18,615,000 after acquiring an additional 7,872 shares during the period. Eastern Bank boosted its stake in shares of American Tower by 69.6% in the third quarter. Eastern Bank now owns 139,091 shares of the real estate investment trust’s stock worth $26,750,000 after acquiring an additional 57,078 shares during the period. Machina Capital S.A.S. purchased a new stake in shares of American Tower during the third quarter worth about $2,871,000. Commerzbank Aktiengesellschaft FI raised its stake in American Tower by 92.4% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust’s stock valued at $11,808,000 after purchasing an additional 29,486 shares during the period. Finally, Los Angeles Capital Management LLC raised its stake in American Tower by 52.5% during the 2nd quarter. Los Angeles Capital Management LLC now owns 321,661 shares of the real estate investment trust’s stock valued at $71,094,000 after purchasing an additional 110,671 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

American Tower stock opened at $178.45 on Wednesday. The company’s 50-day moving average price is $176.71 and its 200-day moving average price is $187.42. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. The company has a market cap of $83.54 billion, a PE ratio of 28.51, a price-to-earnings-growth ratio of 0.73 and a beta of 0.93. American Tower Corporation has a twelve month low of $166.88 and a twelve month high of $234.33.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were issued a $1.70 dividend. The ex-dividend date was Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. American Tower’s payout ratio is 108.63%.

Insider Activity at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the transaction, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the subject of several recent analyst reports. UBS Group dropped their price target on American Tower from $260.00 to $254.00 and set a “buy” rating for the company in a research note on Tuesday, January 20th. The Goldman Sachs Group lowered their target price on shares of American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 16th. Raymond James Financial cut their target price on shares of American Tower from $231.00 to $229.00 and set a “strong-buy” rating for the company in a research note on Friday, January 23rd. Barclays reiterated an “equal weight” rating and issued a $200.00 price target (down from $203.00) on shares of American Tower in a report on Monday, December 1st. Finally, BMO Capital Markets downgraded shares of American Tower from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $210.00 to $185.00 in a report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $218.79.

American Tower 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.