Jones Financial Companies Lllp Raises Stock Holdings in American Tower Corporation $AMT

Jones Financial Companies Lllp raised its holdings in shares of American Tower Corporation (NYSE:AMT) by 7.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 211,742 shares of the real estate investment trust’s stock after purchasing an additional 14,507 shares during the quarter. Jones Financial Companies Lllp’s holdings in American Tower were worth $40,989,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Abound Wealth Management grew its stake in American Tower by 137.3% in the third quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 81 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of American Tower during the 2nd quarter worth $31,000. Root Financial Partners LLC purchased a new position in shares of American Tower during the third quarter valued at $32,000. VSM Wealth Advisory LLC raised its holdings in shares of American Tower by 136.4% in 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 in the last quarter. Finally, Salomon & Ludwin LLC lifted its stake in American Tower by 147.9% in the third quarter. Salomon & Ludwin LLC now owns 181 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 108 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group dropped their price objective 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. BMO Capital Markets cut American Tower from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $210.00 to $185.00 in a research report on Friday, January 9th. Weiss Ratings reissued a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. The Goldman Sachs Group dropped their price objective on American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Finally, Morgan Stanley reduced their target price on shares of American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a report on Thursday, December 4th. One investment 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’s stock. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average price target of $218.79.

Insider Activity

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total value of $159,631,314.75. Following the sale, the insider directly owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This represents a 91.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is currently owned by insiders.

American Tower Trading Down 3.0%

NYSE AMT opened at $173.98 on Tuesday. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The company has a fifty day simple moving average of $177.33 and a two-hundred day simple moving average of $189.75. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24. The stock has a market cap of $81.45 billion, a P/E ratio of 27.79, a P/E/G ratio of 0.75 and a beta of 0.92.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were issued a $1.70 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.9%. American Tower’s dividend payout ratio is currently 108.63%.

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.