American Tower Corporation $AMT Position Decreased by Rhumbline Advisers

Rhumbline Advisers lessened its stake in shares of American Tower Corporation (NYSE:AMT) by 4.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,031,882 shares of the real estate investment trust’s stock after selling 46,907 shares during the period. Rhumbline Advisers owned about 0.22% of American Tower worth $198,451,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Analyst IMS Investment Management Services Ltd. boosted its stake in shares of American Tower by 3.6% during the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 1,370 shares of the real estate investment trust’s stock valued at $303,000 after buying an additional 48 shares during the period. Marion Wealth Management increased its stake in shares of American Tower by 0.8% in the second quarter. Marion Wealth Management now owns 5,924 shares of the real estate investment trust’s stock worth $1,309,000 after purchasing an additional 48 shares during the period. Cypress Wealth Services LLC raised its stake in American Tower by 1.9% during the 2nd quarter. Cypress Wealth Services LLC now owns 2,684 shares of the real estate investment trust’s stock valued at $593,000 after purchasing an additional 49 shares during the last quarter. YANKCOM Partnership increased its stake in American Tower by 2.9% during the second quarter. YANKCOM Partnership now owns 1,729 shares of the real estate investment trust’s stock valued at $382,000 after acquiring an additional 49 shares during the period. Finally, GPS Wealth Strategies Group LLC lifted its holdings in shares of American Tower by 2.0% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 2,566 shares of the real estate investment trust’s stock worth $567,000 after acquiring an additional 51 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. BMO Capital Markets cut shares of American Tower from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $210.00 to $185.00 in a research report on Friday, January 9th. UBS Group cut their target price on American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Raymond James Financial reduced their target price on American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a report on Friday, January 23rd. Mizuho lowered their target price on American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Finally, Wells Fargo & Company cut their price target on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $218.79.

Insider Buying and Selling at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’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 transaction 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. This represents a 91.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company’s stock.

American Tower Trading Up 2.7%

AMT stock opened at $178.45 on Wednesday. The company’s 50-day simple moving average is $176.71 and its 200 day simple moving average is $187.42. American Tower Corporation has a 52 week low of $166.88 and a 52 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. The company has a market capitalization of $83.54 billion, a PE ratio of 28.51, a price-to-earnings-growth ratio of 0.73 and a beta of 0.93.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors 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 3.8%. 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.