Platform Technology Partners Boosts Stake in American Tower Co. (NYSE:AMT)

Platform Technology Partners increased its position in shares of American Tower Co. (NYSE:AMT) by 10.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,429 shares of the real estate investment trust’s stock after buying an additional 235 shares during the quarter. Platform Technology Partners’ holdings in American Tower were worth $446,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of American Tower in the 4th quarter valued at $55,000. Tobam grew its position in American Tower by 120.1% during the 4th quarter. Tobam now owns 2,016 shares of the real estate investment trust’s stock worth $370,000 after purchasing an additional 1,100 shares during the last quarter. Global X Japan Co. Ltd. increased its stake in American Tower by 28.0% in the fourth quarter. Global X Japan Co. Ltd. now owns 842 shares of the real estate investment trust’s stock valued at $154,000 after purchasing an additional 184 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of American Tower by 4.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,142 shares of the real estate investment trust’s stock valued at $10,847,000 after buying an additional 2,475 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of American Tower by 2.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,283,519 shares of the real estate investment trust’s stock worth $235,410,000 after buying an additional 36,013 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

American Tower stock opened at $188.91 on Friday. The firm has a market capitalization of $88.28 billion, a PE ratio of 79.71, a P/E/G ratio of 1.27 and a beta of 0.84. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The firm’s 50-day simple moving average is $188.84 and its 200 day simple moving average is $209.77. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were given a $1.62 dividend. The ex-dividend date was Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.43%. American Tower’s dividend payout ratio is presently 273.42%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AMT shares. Barclays dropped their price target on American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Scotiabank cut 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. BMO Capital Markets cut their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Finally, JMP Securities started coverage on shares of American Tower in a research note on Monday, January 27th. They issued an “outperform” rating and a $225.00 target price for the company. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and an average target price of $226.23.

Insider Transactions at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the sale, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.18% of the company’s stock.

American Tower 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.