Madison Asset Management LLC Has $21.19 Million Stake in American Tower Corporation $AMT

Madison Asset Management LLC lessened its position in shares of American Tower Corporation (NYSE:AMT) by 25.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,199 shares of the real estate investment trust’s stock after selling 36,808 shares during the period. Madison Asset Management LLC’s holdings in American Tower were worth $21,193,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of AMT. Abound Wealth Management raised its holdings in American Tower by 137.3% during the third quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 81 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of American Tower during the 2nd quarter worth approximately $31,000. Root Financial Partners LLC acquired a new stake in shares of American Tower in the 3rd quarter valued at approximately $32,000. Physician Wealth Advisors Inc. grew 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 buying an additional 79 shares in the last quarter. Finally, Westside Investment Management Inc. increased its holdings in American Tower by 103.6% during the third quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 86 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

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 on 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 directly owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This trade represents a 91.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AMT. Argus set a $210.00 price objective on shares of American Tower in a research report on Thursday, October 30th. Barclays reiterated an “equal weight” rating and set a $200.00 price target (down previously from $203.00) on shares of American Tower in a report on Monday, December 1st. Raymond James Financial dropped their price objective on American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 23rd. TD Cowen cut their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Finally, JPMorgan Chase & Co. reduced their price objective on American Tower from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $218.79.

American Tower Price Performance

American Tower stock opened at $178.45 on Wednesday. The stock has a market capitalization of $83.54 billion, a P/E ratio of 28.51, a price-to-earnings-growth ratio of 0.73 and a beta of 0.93. 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 Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The stock has a fifty day moving average of $176.71 and a 200-day moving average of $187.42.

American Tower Dividend Announcement

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

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.