Insight Inv LLC Acquires Shares of 11,356 American Tower Corporation (NYSE:AMT)

Insight Inv LLC acquired a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 11,356 shares of the real estate investment trust's stock, valued at approximately $2,471,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new position in American Tower during the 4th quarter worth approximately $1,164,851,000. Cohen & Steers Inc. lifted its position in American Tower by 21.8% in the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock valued at $3,516,890,000 after purchasing an additional 3,437,602 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of American Tower by 66.5% during the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock valued at $1,570,547,000 after purchasing an additional 3,421,413 shares during the period. Capital World Investors grew its holdings in shares of American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock worth $902,396,000 after purchasing an additional 3,032,005 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of American Tower by 23,627.3% in the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock worth $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. UBS Group upped their price target on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Morgan Stanley started coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price objective for the company. JMP Securities increased their target price on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. Raymond James Financial raised their target price on American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Scotiabank upped their price target on American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, American Tower currently has an average rating of "Buy" and a consensus target price of $240.25.

American Tower Stock Up 1.5%

Shares of NYSE AMT traded up $3.17 during mid-day trading on Monday, hitting $220.95. 2,071,770 shares of the stock traded hands, compared to its average volume of 2,497,410. The company has a market cap of $103.44 billion, a price-to-earnings ratio of 56.80, a PEG ratio of 1.62 and a beta of 0.82. The stock has a fifty day moving average price of $215.69 and a 200-day moving average price of $203.92. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating analysts' consensus estimates of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company's quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.79 EPS. Research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's payout ratio is currently 174.81%.

American Tower Company 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.