Impax Asset Management Group plc Invests $3.91 Million in American Tower Co. (NYSE:AMT)

Impax Asset Management Group plc acquired a new stake in shares of American Tower Co. (NYSE:AMT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 18,093 shares of the real estate investment trust's stock, valued at approximately $3,906,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gateway Investment Advisers LLC boosted its position in American Tower by 57.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust's stock valued at $7,718,000 after purchasing an additional 13,074 shares during the period. Victory Capital Management Inc. raised its stake in American Tower by 0.5% during the 3rd quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust's stock valued at $29,155,000 after acquiring an additional 806 shares in the last quarter. PDS Planning Inc raised its stake in American Tower by 16.1% during the 3rd quarter. PDS Planning Inc now owns 1,821 shares of the real estate investment trust's stock valued at $299,000 after acquiring an additional 253 shares in the last quarter. Cyndeo Wealth Partners LLC raised its stake in American Tower by 3.8% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 9,908 shares of the real estate investment trust's stock valued at $1,629,000 after acquiring an additional 365 shares in the last quarter. Finally, FAS Wealth Partners Inc. bought a new stake in American Tower during the 4th quarter valued at $2,001,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AMT. JPMorgan Chase & Co. cut their target price on American Tower from $236.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 28th. Barclays lifted their target price on American Tower from $224.00 to $234.00 and gave the company an "overweight" rating in a research note on Tuesday, March 5th. Mizuho initiated coverage on American Tower in a research note on Monday. They issued a "neutral" rating and a $205.00 price objective on the stock. StockNews.com downgraded American Tower from a "buy" rating to a "hold" rating in a research note on Friday, March 1st. Finally, HSBC started coverage on American Tower in a research note on Thursday, December 14th. They issued a "buy" rating and a $245.00 price objective on the stock. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, American Tower presently has a consensus rating of "Moderate Buy" and an average target price of $214.91.

American Tower Stock Performance

American Tower stock traded down $1.68 during trading hours on Thursday, hitting $178.64. The stock had a trading volume of 3,684,485 shares, compared to its average volume of 2,374,937. The company has a 50-day moving average of $194.56 and a two-hundred day moving average of $193.13. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. The company has a market cap of $83.31 billion, a PE ratio of 57.22, a price-to-earnings-growth ratio of 1.30 and a beta of 0.67. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.10 by ($1.16). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the company posted $2.34 earnings per share. The company's quarterly revenue was up 3.0% on a year-over-year basis. On average, equities research analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be issued a $1.62 dividend. The ex-dividend date is Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.63%. American Tower's payout ratio is presently 213.84%.

Insider Transactions at American Tower

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares of the company's stock, valued at approximately $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the sale, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by insiders.

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.