Mitsubishi UFJ Asset Management Co. Ltd. Increases Holdings in American Tower Corporation (NYSE:AMT)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in American Tower Corporation by 12.6%, owning 831,935 shares worth approximately $181 million as per its latest SEC filing.
• American Tower has recently faced mixed analyst ratings, with price targets varying from $230 to $260, while maintaining an average rating of "Moderate Buy".
• The company announced a quarterly dividend of $1.70 per share, resulting in an annualized dividend yield of 3.2%, though the dividend payout ratio stands at a high 247.27%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 12.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 831,935 shares of the real estate investment trust's stock after purchasing an additional 93,255 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of American Tower worth $181,029,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of AMT. Maryland State Retirement & Pension System lifted its stake in American Tower by 1.9% in the first quarter. Maryland State Retirement & Pension System now owns 418,124 shares of the real estate investment trust's stock worth $90,984,000 after acquiring an additional 7,595 shares during the period. Evernest Financial Advisors LLC boosted its position in American Tower by 16.0% during the first quarter. Evernest Financial Advisors LLC now owns 1,569 shares of the real estate investment trust's stock valued at $341,000 after purchasing an additional 216 shares in the last quarter. Altfest L J & Co. Inc. grew its stake in American Tower by 42.0% in the first quarter. Altfest L J & Co. Inc. now owns 6,074 shares of the real estate investment trust's stock valued at $1,322,000 after purchasing an additional 1,796 shares during the last quarter. Deutsche Bank AG raised its holdings in American Tower by 4.0% in the first quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock worth $1,606,621,000 after purchasing an additional 285,195 shares in the last quarter. Finally, Commonwealth Financial Services LLC purchased a new stake in shares of American Tower during the first quarter valued at about $217,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at American Tower

In related news, CEO Juan Font sold 720 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the transaction, the chief executive officer owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AMT. Wells Fargo & Company cut their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. JMP Securities upped their price target on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Barclays increased their price objective on American Tower from $223.00 to $246.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. UBS Group boosted their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $245.00 price target (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $243.88.

American Tower Stock Performance

Shares of AMT stock opened at $209.97 on Friday. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a market cap of $98.29 billion, a PE ratio of 76.35, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The business has a 50-day simple moving average of $218.53 and a 200-day simple moving average of $210.94.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The business's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.79 EPS. On average, equities analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were given a dividend of $1.70 per share. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. American Tower's dividend payout ratio (DPR) is 247.27%.

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.

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