Assetmark Inc. Has $17.87 Million Holdings in American Tower Corporation $AMT

Assetmark Inc. boosted its holdings in American Tower Corporation (NYSE:AMT) by 22.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 92,914 shares of the real estate investment trust’s stock after purchasing an additional 17,147 shares during the quarter. Assetmark Inc.’s holdings in American Tower were worth $17,869,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of American Tower in the second quarter valued at approximately $1,371,875,000. JPMorgan Chase & Co. increased its stake in American Tower by 24.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after acquiring an additional 2,474,328 shares during the period. Viking Global Investors LP raised its holdings in American Tower by 233.5% in the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock valued at $618,221,000 after acquiring an additional 1,958,329 shares in the last quarter. Invesco Ltd. lifted its position in shares of American Tower by 11.9% during 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 acquiring an additional 708,808 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of American Tower by 13.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,605,059 shares of the real estate investment trust’s stock worth $796,790,000 after purchasing an additional 434,537 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of research analyst reports. Mizuho reduced their target price on American Tower from $217.00 to $189.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. New Street Research upgraded 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. Argus set a $210.00 target price on American Tower in a research report on Thursday, October 30th. UBS Group dropped their target price on shares of American Tower from $260.00 to $254.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. Finally, Morgan Stanley decreased their price target on shares of American Tower from $255.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus target price of $218.79.

American Tower Price Performance

American Tower stock opened at $192.03 on Friday. The stock has a market capitalization of $89.90 billion, a price-to-earnings ratio of 30.68, a PEG ratio of 0.80 and a beta of 0.93. 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 stock’s 50 day moving average price is $177.25 and its two-hundred day moving average price is $186.97.

American Tower Announces Dividend

The firm 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 of this dividend was Monday, December 29th. This represents a $6.80 annualized dividend and a yield of 3.5%. American Tower’s dividend payout ratio (DPR) is presently 108.63%.

Insider Buying and Selling

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction dated 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 directly owned 211,379 shares in the company, valued at $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.

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.