Reaves W H & Co. Inc. Sells 95,000 Shares of American Tower Corporation $AMT

Reaves W H & Co. Inc. lessened its position in shares of American Tower Corporation (NYSE:AMT) by 49.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 98,037 shares of the real estate investment trust’s stock after selling 95,000 shares during the period. Reaves W H & Co. Inc.’s holdings in American Tower were worth $18,854,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in AMT. Brighton Jones LLC raised its holdings in shares of American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock worth $727,000 after buying an additional 2,104 shares in the last quarter. Sivia Capital Partners LLC grew its position in American Tower by 34.3% in the second quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust’s stock valued at $319,000 after acquiring an additional 368 shares during the last quarter. Apollon Wealth Management LLC raised its stake in American Tower by 3.3% during the second quarter. Apollon Wealth Management LLC now owns 7,845 shares of the real estate investment trust’s stock worth $1,734,000 after acquiring an additional 252 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in shares of American Tower by 8.0% in the second quarter. Concurrent Investment Advisors LLC now owns 3,699 shares of the real estate investment trust’s stock worth $817,000 after acquiring an additional 273 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of American Tower by 20.1% in the 2nd quarter. CWM LLC now owns 19,916 shares of the real estate investment trust’s stock valued at $4,402,000 after purchasing an additional 3,336 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Stock Up 1.4%

Shares of AMT opened at $173.63 on Tuesday. The stock’s 50-day moving average price is $176.66 and its two-hundred day moving average price is $187.79. American Tower Corporation has a 12 month low of $166.88 and a 12 month high of $234.33. The company has a market capitalization of $81.28 billion, a PE ratio of 27.74, a PEG ratio of 0.72 and a beta of 0.93. 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 Dividend Announcement

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

Analyst Ratings Changes

A number of research firms recently issued reports on AMT. Morgan Stanley lowered their price objective on shares of American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a research report on Thursday, December 4th. Argus set a $210.00 price target on shares of American Tower in a report on Thursday, October 30th. Scotiabank cut their price objective on American Tower from $248.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. Raymond James Financial reduced their price objective on American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a research report on Friday, January 23rd. Finally, BMO Capital Markets downgraded American Tower from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $210.00 to $185.00 in a research report on Friday, January 9th. One equities 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $218.79.

Insider Transactions at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’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 value of $159,631,314.75. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.18% of the company’s stock.

American Tower 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.