Clearstead Advisors LLC Reduces Position in American Tower Corporation $AMT

Clearstead Advisors LLC lessened its holdings in shares of American Tower Corporation (NYSE:AMT) by 43.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,177 shares of the real estate investment trust’s stock after selling 15,223 shares during the period. Clearstead Advisors LLC’s holdings in American Tower were worth $3,880,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of American Tower by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 63,640,168 shares of the real estate investment trust’s stock worth $12,239,277,000 after acquiring an additional 611,801 shares during the period. JPMorgan Chase & Co. raised its stake in American Tower by 24.3% during the second quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after purchasing an additional 2,474,328 shares during the period. Invesco Ltd. boosted its holdings in American Tower by 11.9% in the 2nd quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after purchasing an additional 708,808 shares during the last quarter. Norges Bank purchased a new stake in shares of American Tower in the 2nd quarter valued at approximately $1,371,875,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of American Tower by 3.9% during 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 buying an additional 208,213 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s stock in a transaction 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 transaction, the insider owned 211,379 shares in the company, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

AMT has been the subject of several recent analyst reports. The Goldman Sachs Group cut their target price on American Tower from $230.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 16th. New Street Research upgraded American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price target for the company in a report on Monday, January 5th. Citigroup restated a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. Royal Bank Of Canada lowered their target price on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a research note on Monday, January 12th. Finally, Jefferies Financial Group dropped their price target on shares of American Tower from $226.00 to $202.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. One investment 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.79.

American Tower Stock Up 1.5%

AMT stock opened at $190.04 on Tuesday. The company’s 50 day moving average price is $178.21 and its 200 day moving average price is $185.91. The firm has a market capitalization of $88.97 billion, a price-to-earnings ratio of 30.36, a PEG ratio of 0.78 and a beta of 0.93. American Tower Corporation has a fifty-two week low of $166.88 and a fifty-two week high of $234.33. 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 disclosed 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 3.6%. The ex-dividend date was Monday, December 29th. American Tower’s dividend payout ratio (DPR) is presently 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.