Ballentine Partners LLC Lowers Stock Position in American Tower Corporation $AMT

Ballentine Partners LLC trimmed its position in American Tower Corporation (NYSE:AMT) by 32.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,766 shares of the real estate investment trust’s stock after selling 3,277 shares during the quarter. Ballentine Partners LLC’s holdings in American Tower were worth $1,301,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in shares of American Tower in the second quarter worth $31,000. Abound Wealth Management increased its stake in American Tower by 137.3% in the 3rd quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 81 shares in the last quarter. VSM Wealth Advisory LLC raised its holdings in American Tower by 136.4% during the second quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 90 shares during the period. Root Financial Partners LLC purchased a new position in shares of American Tower in the third quarter valued at about $32,000. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of American Tower by 86.0% in the second quarter. Rosenberg Matthew Hamilton now owns 173 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 80 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on AMT shares. Citigroup reissued a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $250.00 to $245.00 and set an “overweight” rating on the stock in a research report on Monday, January 12th. TD Cowen lowered their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. UBS Group cut their target price on shares of American Tower from $260.00 to $254.00 and set a “buy” rating for the company in a research note on Tuesday, January 20th. Finally, Jefferies Financial Group decreased their price target on shares of American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and an average target price of $218.79.

American Tower Price Performance

American Tower stock opened at $181.25 on Friday. American Tower Corporation has a 52-week low of $166.88 and a 52-week high of $234.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. The firm’s fifty day moving average is $177.45 and its 200 day moving average is $190.82. The company has a market cap of $84.85 billion, a price-to-earnings ratio of 28.95, a PEG ratio of 0.74 and a beta of 0.92.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. The firm had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.52 EPS. Sell-side analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, December 29th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, December 29th. American Tower’s dividend payout ratio (DPR) is presently 108.63%.

Insider Activity at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.17% of the company’s stock.

About American Tower

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.