American Tower Corporation $AMT Shares Acquired by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV boosted its stake in American Tower Corporation (NYSE:AMT) by 60.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,577 shares of the real estate investment trust’s stock after purchasing an additional 3,224 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in American Tower were worth $1,649,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of AMT. Legacy Investment Solutions LLC purchased a new stake in American Tower during the second quarter valued at about $31,000. Abound Wealth Management lifted its stake in shares of American Tower by 137.3% in the 3rd quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 81 shares in the last quarter. VSM Wealth Advisory LLC grew its holdings in shares of American Tower by 136.4% during the 2nd quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 90 shares during the period. Root Financial Partners LLC acquired a new stake in American Tower during the 3rd quarter worth approximately $32,000. Finally, Westside Investment Management Inc. raised its holdings in American Tower by 103.6% in the third quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 86 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AMT shares. Mizuho dropped 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. The Goldman Sachs Group lowered their price target on American Tower from $230.00 to $210.00 and set a “buy” rating for the company in a report on Friday, January 16th. BMO Capital Markets cut American Tower from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $210.00 to $185.00 in a research note on Friday, January 9th. Morgan Stanley dropped their target price on American Tower from $255.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Finally, Citigroup reissued a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $218.79.

Insider Activity

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction 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 directly owned 211,379 shares in the company, valued at $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

American Tower Stock Performance

Shares of AMT stock opened at $171.46 on Monday. The stock has a market capitalization of $80.27 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 0.72 and a beta of 0.93. American Tower Corporation has a one year low of $166.88 and a one year high of $234.33. The company’s 50-day simple moving average is $176.71 and its 200-day simple moving average is $188.19. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89.

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 payout ratio is 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.