Intact Investment Management Inc. Has $3.37 Million Position in American Tower Corporation $AMT

Intact Investment Management Inc. boosted its holdings in shares of American Tower Corporation (NYSE:AMT) by 82.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 17,500 shares of the real estate investment trust’s stock after acquiring an additional 7,900 shares during the period. Intact Investment Management Inc.’s holdings in American Tower were worth $3,366,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of American Tower during the second quarter worth about $1,371,875,000. JPMorgan Chase & Co. grew its position in shares of American Tower by 24.3% in the second quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock valued at $2,799,458,000 after purchasing an additional 2,474,328 shares during the last quarter. Viking Global Investors LP grew its stake in shares of American Tower by 233.5% in the second quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock valued at $618,221,000 after acquiring an additional 1,958,329 shares in the last quarter. Invesco Ltd. increased its holdings in shares of American Tower by 11.9% during the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock worth $1,476,529,000 after purchasing an additional 708,808 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in American Tower by 13.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,605,059 shares of the real estate investment trust’s stock worth $796,790,000 after acquiring an additional 434,537 shares during the period. Institutional investors own 92.69% of the company’s stock.

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 transaction of $159,631,314.75. Following the transaction, the insider directly owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eugene F. Reilly purchased 5,554 shares of American Tower stock in a transaction on Friday, October 31st. The stock was bought at an average price of $178.99 per share, for a total transaction of $994,110.46. Following the transaction, the director directly owned 5,689 shares in the company, valued at approximately $1,018,274.11. The trade was a 4,114.07% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Royal Bank Of Canada cut their target price on American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a research report on Monday, January 12th. HSBC reduced their price objective on shares of American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. Jefferies Financial Group dropped their target price on shares of American Tower from $226.00 to $202.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. Wall Street Zen upgraded shares of American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. Finally, BMO Capital Markets cut shares of American Tower from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $210.00 to $185.00 in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold 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 $218.79.

American Tower Price Performance

American Tower stock opened at $179.52 on Tuesday. The stock has a 50-day moving average price of $177.49 and a two-hundred day moving average price of $191.25. American Tower Corporation has a 12 month low of $166.88 and a 12 month high of $234.33. The company has a market capitalization of $84.04 billion, a PE ratio of 28.68, a P/E/G ratio of 0.75 and a beta of 0.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.14. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.65 billion. American Tower had a return on equity of 28.79% and a net margin of 28.11%.The firm’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.52 earnings per share. Analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, December 29th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.8%. The ex-dividend date is 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.