Caprock Group LLC Buys Shares of 15,417 American Tower Corporation $AMT

Caprock Group LLC purchased a new position in shares of American Tower Corporation (NYSE:AMT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,417 shares of the real estate investment trust’s stock, valued at approximately $3,143,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of American Tower in the 2nd quarter valued at about $1,371,875,000. JPMorgan Chase & Co. increased its holdings in shares of American Tower by 24.3% in 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 acquiring an additional 2,474,328 shares during the last quarter. Viking Global Investors LP lifted its stake in American Tower by 233.5% during the second quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after purchasing an additional 1,958,329 shares during the last quarter. Invesco Ltd. boosted its holdings in American Tower by 11.9% in the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock worth $1,476,529,000 after purchasing an additional 708,808 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in American Tower by 13.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,605,059 shares of the real estate investment trust’s stock valued at $796,790,000 after purchasing an additional 434,537 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider owned 211,379 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by company insiders.

American Tower Price Performance

NYSE AMT opened at $188.24 on Friday. American Tower Corporation has a 12 month low of $166.88 and a 12 month high of $234.33. The firm has a market capitalization of $88.13 billion, a PE ratio of 30.07, a P/E/G ratio of 0.75 and a beta of 0.93. The company’s 50 day simple moving average is $176.99 and its 200 day simple moving average is $187.38. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, December 29th. American Tower’s payout ratio is currently 108.63%.

Analyst Upgrades and Downgrades

AMT has been the subject of several research reports. The Goldman Sachs Group decreased their price target on shares of American Tower from $230.00 to $210.00 and set a “buy” rating for the company in a report on Friday, January 16th. Morgan Stanley decreased their target price on American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a research note on Thursday, December 4th. Wells Fargo & Company dropped their price target on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. Jefferies Financial Group reduced their price objective on American Tower from $226.00 to $202.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. Finally, Scotiabank lowered their price target on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.