Envestnet Asset Management Inc. Sells 147,762 Shares of American Tower Corporation $AMT

Envestnet Asset Management Inc. lessened its stake in shares of American Tower Corporation (NYSE:AMT) by 18.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 632,488 shares of the real estate investment trust’s stock after selling 147,762 shares during the period. Envestnet Asset Management Inc. owned 0.14% of American Tower worth $121,640,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in AMT. Analyst IMS Investment Management Services Ltd. increased its position in American Tower by 3.6% during the second quarter. Analyst IMS Investment Management Services Ltd. now owns 1,370 shares of the real estate investment trust’s stock valued at $303,000 after acquiring an additional 48 shares during the last quarter. Marion Wealth Management grew its holdings in American Tower by 0.8% during the 2nd quarter. Marion Wealth Management now owns 5,924 shares of the real estate investment trust’s stock valued at $1,309,000 after purchasing an additional 48 shares during the last quarter. Cypress Wealth Services LLC grew its holdings in American Tower by 1.9% during the 2nd quarter. Cypress Wealth Services LLC now owns 2,684 shares of the real estate investment trust’s stock valued at $593,000 after purchasing an additional 49 shares during the last quarter. YANKCOM Partnership raised its position in American Tower by 2.9% in the 2nd quarter. YANKCOM Partnership now owns 1,729 shares of the real estate investment trust’s stock worth $382,000 after purchasing an additional 49 shares during the period. Finally, GPS Wealth Strategies Group LLC lifted its stake in American Tower by 2.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 2,566 shares of the real estate investment trust’s stock worth $567,000 after purchasing an additional 51 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the sale, the insider owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.17% of the stock is owned by insiders.

Analyst Ratings Changes

AMT has been the topic of several recent analyst reports. The Goldman Sachs Group reduced their price target on American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. TD Cowen lowered their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. UBS Group reduced their price target on shares of American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Finally, Mizuho lowered their price objective on shares of American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $218.79.

American Tower Stock Down 0.0%

American Tower stock opened at $171.46 on Friday. American Tower Corporation has a twelve month low of $166.88 and a twelve month high of $234.33. The business has a fifty day moving average of $176.71 and a two-hundred day moving average of $188.79. The firm has a market cap of $80.27 billion, a P/E ratio of 27.39, a P/E/G ratio of 0.72 and a beta of 0.93. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Monday, December 29th. American Tower’s dividend payout ratio (DPR) is currently 108.63%.

American Tower Company Profile

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.