ANTIPODES PARTNERS Ltd Invests $68.20 Million in American Tower Corporation $AMT

ANTIPODES PARTNERS Ltd acquired a new position in American Tower Corporation (NYSE:AMT) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 354,584 shares of the real estate investment trust’s stock, valued at approximately $68,199,000. American Tower accounts for approximately 1.5% of ANTIPODES PARTNERS Ltd’s portfolio, making the stock its 28th largest holding. ANTIPODES PARTNERS Ltd owned approximately 0.08% of American Tower at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of American Tower by 1.0% in the third quarter. Vanguard Group Inc. now owns 63,640,168 shares of the real estate investment trust’s stock valued at $12,239,277,000 after purchasing an additional 611,801 shares during the period. JPMorgan Chase & Co. grew its holdings in American Tower by 24.3% in 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 buying an additional 2,474,328 shares in the last quarter. Invesco Ltd. increased its position in American Tower by 11.9% in 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. Norges Bank bought a new stake in American Tower during the 2nd quarter valued at $1,371,875,000. Finally, Charles Schwab Investment Management Inc. boosted its position in American Tower by 3.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,563,565 shares of the real estate investment trust’s stock worth $1,229,659,000 after acquiring an additional 208,213 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Up 1.3%

NYSE AMT opened at $187.28 on Friday. 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 $87.67 billion, a P/E ratio of 29.92, a PEG ratio of 0.77 and a beta of 0.93. The company’s 50 day simple moving average is $178.02 and its 200 day simple moving average is $186.37. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders 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 dividend yield of 3.6%. The ex-dividend date was Monday, December 29th. American Tower’s dividend 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 American Tower stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the transaction, the insider directly owned 211,379 shares in the company, valued at $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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