New Mexico Educational Retirement Board Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

New Mexico Educational Retirement Board lessened its stake in American Tower Co. (NYSE:AMT) by 2.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,268 shares of the real estate investment trust’s stock after selling 600 shares during the quarter. New Mexico Educational Retirement Board’s holdings in American Tower were worth $4,084,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AMT. Fortitude Family Office LLC lifted its stake 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 buying an additional 78 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of American Tower during the third quarter valued at approximately $30,000. Hara Capital LLC purchased a new position in shares of American Tower in the third quarter valued at approximately $31,000. Legacy Investment Solutions LLC acquired a new stake in shares of American Tower in the third quarter worth approximately $34,000. Finally, Activest Wealth Management increased 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 purchasing an additional 125 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AMT shares. Citigroup decreased their price objective on American Tower from $255.00 to $220.00 and set a “buy” rating on the stock in a report on Friday. JMP Securities began 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. Scotiabank dropped their price objective on shares of 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 American Tower to a “strong-buy” rating in a report on Monday, January 27th. Finally, Barclays cut their price target on American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Four 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $225.79.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

American Tower Stock Down 0.3 %

Shares of NYSE:AMT opened at $189.41 on Friday. The business has a 50-day moving average price of $187.05 and a 200 day moving average price of $209.07. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a market capitalization of $88.51 billion, a price-to-earnings ratio of 79.92, a PEG ratio of 1.27 and a beta of 0.84.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.42%. American Tower’s dividend payout ratio is currently 273.42%.

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.