M&G PLC Has $193.83 Million Position in American Tower Corporation $AMT

M&G PLC raised its stake in American Tower Corporation (NYSE:AMT) by 14.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,009,526 shares of the real estate investment trust’s stock after acquiring an additional 125,241 shares during the period. M&G PLC owned approximately 0.22% of American Tower worth $193,829,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Norges Bank bought a new stake in shares of American Tower during the 2nd quarter worth approximately $1,371,875,000. JPMorgan Chase & Co. lifted its stake in American Tower by 24.3% during the second quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after purchasing an additional 2,474,328 shares during the last quarter. Viking Global Investors LP lifted its stake in American Tower by 233.5% during the second quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after purchasing an additional 1,958,329 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of American Tower by 11.9% in the 2nd quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after purchasing an additional 708,808 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of American Tower by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 63,640,168 shares of the real estate investment trust’s stock valued at $12,239,277,000 after purchasing an additional 611,801 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of several research analyst reports. Citigroup reaffirmed a “market outperform” rating on shares of American Tower in a research note on Wednesday, October 29th. Weiss Ratings restated a “hold (c)” rating on shares of American Tower in a research note on Monday, December 29th. The Goldman Sachs Group lowered their price objective on shares of American Tower from $230.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Raymond James Financial decreased their target price on shares of American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 23rd. Finally, Jefferies Financial Group dropped their price target on American Tower from $226.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus price target of $218.79.

American Tower Trading Up 2.0%

Shares of AMT stock opened at $192.03 on Monday. American Tower Corporation has a 1-year low of $166.88 and a 1-year high of $234.33. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24. The stock has a market cap of $89.90 billion, a price-to-earnings ratio of 30.68, a PEG ratio of 0.80 and a beta of 0.93. The stock has a 50-day moving average of $177.25 and a 200-day moving average of $186.81.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were given 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 3.5%. American Tower’s payout ratio is 108.63%.

Insider Activity at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the transaction, the insider owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.18% of the company’s stock.

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.