ING Groep NV Has $11.64 Million Position in American Tower Corporation $AMT

ING Groep NV increased its holdings in shares of American Tower Corporation (NYSE:AMT) by 5,413.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 60,534 shares of the real estate investment trust’s stock after purchasing an additional 59,436 shares during the period. ING Groep NV’s holdings in American Tower were worth $11,642,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its position 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 buying an additional 7,872 shares during the period. Eastern Bank increased its holdings 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 purchasing an additional 57,078 shares during the period. Machina Capital S.A.S. bought a new stake in American Tower during the third quarter valued at $2,871,000. Commerzbank Aktiengesellschaft FI boosted its holdings in shares of American Tower by 92.4% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust’s stock worth $11,808,000 after purchasing an additional 29,486 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings 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 buying an additional 110,671 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the topic of a number of research reports. New Street Research raised shares of American Tower from a “neutral” rating to a “buy” rating and set a $203.00 target price on the stock in a research note on Monday, January 5th. HSBC decreased their target price on American Tower from $235.00 to $205.00 in a research report on Wednesday, October 29th. Wells Fargo & Company decreased their price objective on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, October 29th. Weiss Ratings reissued a “hold (c)” rating on shares of American Tower in a research note on Monday, December 29th. Finally, Barclays reissued an “equal weight” rating and issued a $200.00 target price (down previously from $203.00) on shares of American Tower in a report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.79.

Insiders Place Their Bets

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the transaction, the insider owned 211,379 shares in the company, valued at $14,743,685.25. The trade was a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

American Tower Price Performance

AMT opened at $180.36 on Thursday. The business has a fifty day moving average of $176.80 and a 200 day moving average of $187.37. 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 stock has a market cap of $84.44 billion, a P/E ratio of 28.81, a PEG ratio of 0.75 and a beta of 0.93. American Tower Corporation has a 52-week low of $166.88 and a 52-week high of $234.33.

American Tower Announces Dividend

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

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.