American Tower Corporation $AMT Shares Sold by AGF Management Ltd.

AGF Management Ltd. trimmed its position in American Tower Corporation (NYSE:AMT) by 3.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 128,541 shares of the real estate investment trust’s stock after selling 4,360 shares during the period. AGF Management Ltd.’s holdings in American Tower were worth $24,721,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in American Tower in the 2nd quarter worth about $1,371,875,000. JPMorgan Chase & Co. lifted 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 purchasing an additional 2,474,328 shares during the last quarter. Viking Global Investors LP boosted its position in American Tower by 233.5% during the second quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after purchasing an additional 1,958,329 shares during the period. Invesco Ltd. raised its position in shares of American Tower by 11.9% in the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after purchasing an additional 708,808 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of American Tower by 13.7% in the second 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 buying an additional 434,537 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Performance

American Tower stock opened at $173.98 on Tuesday. The company’s 50-day moving average is $177.33 and its two-hundred day moving average is $189.75. American Tower Corporation has a 1 year low of $166.88 and a 1 year high of $234.33. The company has a market cap of $81.45 billion, a PE ratio of 27.79, a PEG ratio of 0.75 and a beta of 0.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower Announces Dividend

The company 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. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Monday, December 29th. American Tower’s dividend payout ratio (DPR) is currently 108.63%.

Insiders Place Their Bets

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction 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 transaction, the insider directly owned 211,379 shares of the company’s stock, 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AMT. Royal Bank Of Canada decreased their price target 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. Morgan Stanley lowered their price target on American Tower from $255.00 to $235.00 and set an “overweight” rating on the stock in a research note on Thursday, December 4th. Wall Street Zen upgraded American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. Mizuho lowered their price objective on American Tower from $217.00 to $189.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. Finally, HSBC cut their target price on American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $218.79.

American Tower 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.