323,877 Shares in American Tower Co. (NYSE:AMT) Bought by Fisher Funds Management LTD

Fisher Funds Management LTD bought a new stake in American Tower Co. (NYSE:AMT) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 323,877 shares of the real estate investment trust’s stock, valued at approximately $58,905,000. American Tower comprises 1.4% of Fisher Funds Management LTD’s holdings, making the stock its 22nd biggest holding. Fisher Funds Management LTD owned approximately 0.07% of American Tower as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of AMT. Fortitude Family Office LLC lifted its position in American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the last quarter. Hara Capital LLC bought a new stake in shares of American Tower during the third quarter valued at approximately $31,000. Legacy Investment Solutions LLC acquired a new position in shares of American Tower during the third quarter worth approximately $34,000. Activest Wealth Management boosted its position in shares of American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 125 shares during the period. Finally, Roxbury Financial LLC bought a new position in American Tower in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of NYSE AMT opened at $191.32 on Friday. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The stock has a market capitalization of $89.40 billion, a price-to-earnings ratio of 80.73, a PEG ratio of 1.29 and a beta of 0.84. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock’s fifty day simple moving average is $185.67 and its 200 day simple moving average is $207.49.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were issued a dividend of $1.62 per share. The ex-dividend date was Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.39%. American Tower’s payout ratio is presently 273.42%.

Wall Street Analysts Forecast Growth

AMT has been the subject of several recent analyst reports. Scotiabank decreased their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday, January 23rd. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research report on Monday, January 27th. JMP Securities assumed coverage on shares of American Tower in a research report on Monday, January 27th. They set an “outperform” rating and a $225.00 price target on the stock. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Barclays dropped their target price on American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $225.79.

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.