Advisors Asset Management Inc. Lowers Stake in American Tower Corporation $AMT

Advisors Asset Management Inc. lowered its holdings in American Tower Corporation (NYSE:AMT) by 4.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,134 shares of the real estate investment trust’s stock after selling 5,124 shares during the period. Advisors Asset Management Inc.’s holdings in American Tower were worth $22,143,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in AMT. Vanguard Group Inc. lifted its stake in shares of American Tower by 0.3% in the second quarter. Vanguard Group Inc. now owns 63,028,367 shares of the real estate investment trust’s stock worth $13,930,530,000 after acquiring an additional 218,881 shares in the last quarter. JPMorgan Chase & Co. boosted its position in American Tower by 24.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock valued at $2,799,458,000 after purchasing an additional 2,474,328 shares during the period. Invesco Ltd. boosted its holdings in shares of American Tower by 11.9% during the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after acquiring an additional 708,808 shares during the period. Norges Bank acquired a new position in American Tower during the 2nd quarter valued at about $1,371,875,000. Finally, Charles Schwab Investment Management Inc. increased its position in American Tower by 3.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,563,565 shares of the real estate investment trust’s stock valued at $1,229,659,000 after acquiring an additional 208,213 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of AMT stock opened at $178.45 on Wednesday. The company has a market capitalization of $83.54 billion, a price-to-earnings ratio of 28.51, a P/E/G ratio of 0.73 and a beta of 0.93. American Tower Corporation has a 1-year low of $166.88 and a 1-year high of $234.33. 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’s fifty day simple moving average is $176.71 and its 200-day simple moving average is $187.42.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, December 29th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, December 29th. American Tower’s payout ratio is 108.63%.

Insider Activity

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s 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 directly owned 211,379 shares in the company, valued at approximately $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AMT has been the topic of several research analyst reports. New Street Research raised shares of American Tower from a “neutral” rating to a “buy” rating and set a $203.00 target price on the stock in a research note on Monday, January 5th. BMO Capital Markets lowered American Tower from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $210.00 to $185.00 in a report on Friday, January 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of American Tower in a report on Monday, December 29th. Royal Bank Of Canada cut their price target on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a report on Monday, January 12th. Finally, Wells Fargo & Company reduced their price objective on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $218.79.

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.