Oppenheimer Asset Management Inc. Sells 3,841 Shares of American Tower Corporation $AMT

Oppenheimer Asset Management Inc. trimmed its stake in American Tower Corporation (NYSE:AMT) by 3.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 120,014 shares of the real estate investment trust’s stock after selling 3,841 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in American Tower were worth $23,081,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds 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 valued at $27,000 after acquiring an additional 81 shares during the period. Legacy Investment Solutions LLC acquired a new stake in American Tower in the 2nd quarter valued at $31,000. Root Financial Partners LLC bought a new stake in American Tower during the 3rd quarter valued at $32,000. Physician Wealth Advisors Inc. raised its holdings in American Tower by 85.9% during the third quarter. Physician Wealth Advisors Inc. now owns 171 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 79 shares during the last quarter. Finally, Westside Investment Management Inc. lifted its stake in shares of 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 in the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

Shares of NYSE AMT opened at $171.46 on Monday. 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 fifty day simple moving average of $176.71 and a two-hundred day simple moving average of $188.19. American Tower Corporation has a 1-year low of $166.88 and a 1-year high of $234.33. The firm has a market cap of $80.27 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 0.72 and a beta of 0.93.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors 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 annualized dividend and a yield of 4.0%. American Tower’s dividend payout ratio (DPR) is 108.63%.

Insider Transactions at American Tower

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of a number of analyst reports. Raymond James Financial lowered their target price on shares of American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a report on Friday, January 23rd. TD Cowen lowered their price objective on American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Jefferies Financial Group dropped their target price on American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, December 16th. The Goldman Sachs Group decreased 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. Finally, JPMorgan Chase & Co. reduced their target price on shares of American Tower from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $218.79.

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.