AlphaQuest LLC Acquires 7,428 Shares of American Tower Corporation $AMT

AlphaQuest LLC lifted its holdings in American Tower Corporation (NYSE:AMT) by 638.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,592 shares of the real estate investment trust’s stock after buying an additional 7,428 shares during the quarter. AlphaQuest LLC’s holdings in American Tower were worth $1,652,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Abound Wealth Management grew its stake in shares of American Tower by 137.3% during the third quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 81 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in American Tower in the 2nd quarter valued at $31,000. Root Financial Partners LLC acquired a new stake in shares of American Tower in the 3rd quarter valued at $32,000. VSM Wealth Advisory LLC raised its position in shares of American Tower by 136.4% during the second quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 90 shares during the last quarter. Finally, Salomon & Ludwin LLC lifted its stake in shares of American Tower by 147.9% during the third quarter. Salomon & Ludwin LLC now owns 181 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 108 shares during the period. Institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

AMT opened at $179.29 on Friday. The stock has a market cap of $83.94 billion, a P/E ratio of 28.64, a P/E/G ratio of 0.76 and a beta of 0.92. American Tower Corporation has a 12 month low of $166.88 and a 12 month high of $234.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. The company has a fifty day simple moving average of $177.44 and a 200 day simple moving average of $190.32.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, December 29th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is 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 currently 108.63%.

Insider Buying and Selling at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 211,379 shares in the company, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. 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 price target on shares of American Tower in a research report on Thursday, October 30th. Barclays reissued an “equal weight” rating and set a $200.00 price target (down from $203.00) on shares of American Tower in a research note on Monday, December 1st. The Goldman Sachs Group reduced their price objective on shares of American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Finally, Royal Bank Of Canada lowered their target price on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target 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.