Penserra Capital Management LLC Purchases 10,886 Shares of American Tower Corporation $AMT

Penserra Capital Management LLC increased its holdings in American Tower Corporation (NYSE:AMT) by 26.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 51,817 shares of the real estate investment trust’s stock after purchasing an additional 10,886 shares during the period. Penserra Capital Management LLC’s holdings in American Tower were worth $9,964,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Westside Investment Management Inc. boosted its holdings in shares of American Tower by 103.6% in the 3rd quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 86 shares during the period. Cornerstone Planning Group LLC increased its position in American Tower by 128.2% during the third quarter. Cornerstone Planning Group LLC now owns 251 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 141 shares during the last quarter. Physician Wealth Advisors Inc. raised its stake in shares of American Tower by 85.9% in the third quarter. Physician Wealth Advisors Inc. now owns 171 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 79 shares during the period. Raelipskie Partnership bought a new stake in shares of American Tower in the 3rd quarter worth about $1,391,000. Finally, Lord & Richards Wealth Management LLC boosted its stake in shares of American Tower by 27.5% during the 3rd quarter. Lord & Richards Wealth Management LLC now owns 7,904 shares of the real estate investment trust’s stock worth $1,520,000 after purchasing an additional 1,704 shares during the period. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 1.9%

American Tower stock opened at $176.48 on Thursday. The firm has a market cap of $82.62 billion, a PE ratio of 28.19, a P/E/G ratio of 0.72 and a beta of 0.93. American Tower Corporation has a 12 month low of $166.88 and a 12 month high of $234.33. The stock’s 50 day simple moving average is $177.11 and its two-hundred day simple moving average is $189.29. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were given a $1.70 dividend. The ex-dividend date was Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.9%. American Tower’s payout ratio is 108.63%.

Insider Buying and Selling at American Tower

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 value of $159,631,314.75. Following the completion of the sale, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AMT shares. The Goldman Sachs Group cut their target price on American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Scotiabank lowered their target price on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, January 14th. JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, January 12th. New Street Research raised shares of American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price objective for the company in a research report on Monday, January 5th. Finally, Royal Bank Of Canada reduced their target price on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.