Jones Financial Companies Lllp Boosts Holdings in American Tower Corporation $AMT

Jones Financial Companies Lllp grew its stake in American Tower Corporation (NYSE:AMT) by 7.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 211,742 shares of the real estate investment trust’s stock after purchasing an additional 14,507 shares during the quarter. Jones Financial Companies Lllp’s holdings in American Tower were worth $40,989,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank acquired a new position in American Tower in the 2nd quarter valued at $1,371,875,000. JPMorgan Chase & Co. grew its holdings in shares of American Tower by 24.3% during the second 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. Viking Global Investors LP raised its position in shares of American Tower by 233.5% in the second 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 buying an additional 1,958,329 shares during the last quarter. 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 buying an additional 708,808 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position 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 valued at $796,790,000 after buying an additional 434,537 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

AMT stock opened at $173.98 on Tuesday. The business’s fifty day moving average price is $177.33 and its 200 day moving average price is $189.75. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24. The company has a market capitalization of $81.45 billion, a PE ratio of 27.79, a P/E/G ratio of 0.75 and a beta of 0.92.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, December 29th were paid a $1.70 dividend. The ex-dividend date was Monday, December 29th. This represents a $6.80 annualized dividend and a dividend yield of 3.9%. American Tower’s payout ratio is 108.63%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AMT. Raymond James Financial dropped 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 research note on Friday, January 23rd. UBS Group dropped their price target on American Tower from $260.00 to $254.00 and set a “buy” rating for the company in a research report on Tuesday, January 20th. Mizuho cut their price target on American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Citigroup reiterated a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. Finally, Morgan Stanley dropped their target price on American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a report on Thursday, December 4th. 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $218.79.

Insider Buying and Selling at American Tower

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the sale, the insider owned 211,379 shares in the company, valued at $14,743,685.25. This represents a 91.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.17% of the company’s stock.

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.