Factory Mutual Insurance Co. Acquires 18,100 Shares of American Tower Co. (NYSE:AMT)

Factory Mutual Insurance Co. lifted its holdings in American Tower Co. (NYSE:AMT) by 11.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 181,500 shares of the real estate investment trust’s stock after buying an additional 18,100 shares during the quarter. Factory Mutual Insurance Co.’s holdings in American Tower were worth $42,210,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the first quarter valued at approximately $25,000. Cultivar Capital Inc. acquired a new stake in American Tower in the 2nd quarter valued at $25,000. Fairscale Capital LLC bought a new stake in American Tower during the 2nd quarter worth about $27,000. Hobbs Group Advisors LLC acquired a new position in shares of American Tower during the 2nd quarter worth about $29,000. Finally, SOA Wealth Advisors LLC. bought a new position in shares of American Tower in the 1st quarter valued at about $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Up 0.6 %

NYSE:AMT traded up $1.37 during trading hours on Friday, reaching $219.27. 1,614,001 shares of the company traded hands, compared to its average volume of 2,099,325. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The business’s 50-day moving average price is $228.56 and its two-hundred day moving average price is $205.45. American Tower Co. has a 1 year low of $157.25 and a 1 year high of $243.56. The stock has a market capitalization of $102.42 billion, a P/E ratio of 41.22, a P/E/G ratio of 1.00 and a beta of 0.83.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $2.46 EPS. Analysts predict that American Tower Co. will post 10.13 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s payout ratio is currently 121.80%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada boosted their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. BMO Capital Markets upped their target price on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, September 13th. TD Cowen lifted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $245.00 to $230.00 in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $235.21.

Insider Activity at American Tower

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 over the last ninety days. Insiders own 0.18% of the company’s stock.

About American Tower

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.