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

New Mexico Educational Retirement Board lowered its stake in shares of American Tower Co. (NYSE:AMT) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,268 shares of the real estate investment trust’s stock after selling 600 shares during the period. New Mexico Educational Retirement Board’s holdings in American Tower were worth $4,084,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of AMT. Balentine LLC purchased a new stake in shares of American Tower during the 3rd quarter worth $586,000. Nordea Investment Management AB raised its holdings in American Tower by 28.5% in the fourth quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock worth $260,743,000 after purchasing an additional 314,769 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of American Tower during the third quarter valued at about $1,156,000. Brookstone Capital Management boosted its holdings in shares of American Tower by 29.0% in the 4th quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock valued at $1,629,000 after buying an additional 1,995 shares in the last quarter. Finally, CCLA Investment Management grew its position in shares of American Tower by 5.5% in the 4th quarter. CCLA Investment Management now owns 432,891 shares of the real estate investment trust’s stock worth $79,344,000 after buying an additional 22,523 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were 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 trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is owned by company insiders.

American Tower Trading Down 0.3 %

NYSE AMT opened at $189.41 on Friday. The company has a fifty day moving average of $187.05 and a 200 day moving average of $209.07. The company has a market capitalization of $88.51 billion, a PE ratio of 79.92, a P/E/G ratio of 1.27 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56.

American Tower Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Citigroup cut their price target on shares of American Tower from $255.00 to $220.00 and set a “buy” rating on the stock in a report on Friday. Barclays dropped their target price on American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Scotiabank lowered their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a report on Thursday, January 23rd. JMP Securities initiated coverage on American Tower in a research note on Monday, January 27th. They set an “outperform” rating and a $225.00 price target on the stock. Finally, Wells Fargo & Company decreased their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.79.

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.