21,280 Shares in American Tower Corporation $AMT Acquired by ABC Arbitrage SA

ABC Arbitrage SA acquired a new position in shares of American Tower Corporation (NYSE:AMT) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 21,280 shares of the real estate investment trust’s stock, valued at approximately $4,093,000.

A number of other hedge funds also recently added to or reduced their stakes in AMT. Norges Bank bought a new stake in American Tower during the 2nd quarter valued at $1,371,875,000. JPMorgan Chase & Co. increased its holdings in shares of American Tower by 24.3% during 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 period. Viking Global Investors LP raised its stake in shares of American Tower by 233.5% during 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 purchasing an additional 1,958,329 shares in the last quarter. Invesco Ltd. raised its stake 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 valued at $1,476,529,000 after purchasing an additional 708,808 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in American Tower by 13.7% in the second 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 purchasing an additional 434,537 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction on 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 completion of the sale, the insider directly owned 211,379 shares in the company, valued at approximately $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

AMT stock opened at $178.45 on Wednesday. The firm has a 50 day simple moving average of $176.71 and a 200 day simple moving average of $187.42. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The stock has a market cap of $83.54 billion, a P/E ratio of 28.51, a P/E/G ratio of 0.73 and a beta of 0.93. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Monday, December 29th. American Tower’s payout ratio is currently 108.63%.

Wall Street Analyst Weigh In

AMT has been the topic of a number of recent analyst reports. HSBC dropped their price target on shares of American Tower from $235.00 to $205.00 in a research report on Wednesday, October 29th. Morgan Stanley cut their target price on American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a research report on Thursday, December 4th. Citigroup reaffirmed a “market outperform” rating on shares of American Tower in a research note on Wednesday, October 29th. Weiss Ratings reissued a “hold (c)” rating on shares of American Tower in a research note on Monday, December 29th. Finally, The Goldman Sachs Group decreased their target price on American Tower from $230.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average target price of $218.79.

American Tower 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.