Clearstead Trust LLC Increases Stake in American Tower Corporation $AMT

Clearstead Trust LLC raised its holdings in shares of American Tower Corporation (NYSE:AMT) by 69.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,477 shares of the real estate investment trust’s stock after buying an additional 9,990 shares during the quarter. American Tower comprises about 0.8% of Clearstead Trust LLC’s portfolio, making the stock its 21st biggest holding. Clearstead Trust LLC’s holdings in American Tower were worth $4,707,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position in American Tower by 8.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,793 shares of the real estate investment trust’s stock worth $18,615,000 after purchasing an additional 7,872 shares during the last quarter. Eastern Bank increased its holdings in American Tower by 69.6% in the 3rd quarter. Eastern Bank now owns 139,091 shares of the real estate investment trust’s stock valued at $26,750,000 after purchasing an additional 57,078 shares during the last quarter. Machina Capital S.A.S. purchased a new stake in shares of American Tower in the 3rd quarter valued at $2,871,000. Commerzbank Aktiengesellschaft FI increased its stake in American Tower by 92.4% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust’s stock worth $11,808,000 after purchasing an additional 29,486 shares during the period. Finally, Los Angeles Capital Management LLC increased its stake in American Tower by 52.5% during the 2nd quarter. Los Angeles Capital Management LLC now owns 321,661 shares of the real estate investment trust’s stock worth $71,094,000 after buying an additional 110,671 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Price Performance

American Tower stock opened at $187.28 on Monday. The business has a 50 day simple moving average of $178.02 and a 200-day simple moving average of $186.05. American Tower Corporation has a 12 month low of $166.88 and a 12 month high of $234.33. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $87.67 billion, a PE ratio of 29.92, a price-to-earnings-growth ratio of 0.78 and a beta of 0.93.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were issued a $1.70 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. American Tower’s payout ratio is presently 108.63%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AMT. Weiss Ratings reaffirmed a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. Mizuho decreased their price objective on shares of American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. UBS Group lowered their target price on shares of American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a research report on Tuesday, January 20th. TD Cowen reduced their price target on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Finally, Jefferies Financial Group lowered their price objective on shares of American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research report on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $218.79.

Insider Activity

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the 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 of the company’s stock, valued at $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.18% of the stock is currently owned by company insiders.

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.