Raelipskie Partnership Invests $1.39 Million in American Tower Corporation $AMT

Raelipskie Partnership acquired a new position in American Tower Corporation (NYSE:AMT) during the third quarter, HoldingsChannel reports. The institutional investor acquired 7,232 shares of the real estate investment trust’s stock, valued at approximately $1,391,000.

Several other institutional investors and hedge funds have also bought and sold shares of AMT. Abound Wealth Management boosted its holdings in American Tower by 137.3% in the third quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 81 shares in the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of American Tower during the second quarter valued at approximately $31,000. Root Financial Partners LLC bought a new position in American Tower in the third quarter valued at about $32,000. VSM Wealth Advisory LLC boosted its holdings in shares of American Tower by 136.4% in the second quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 90 shares during the last quarter. Finally, Salomon & Ludwin LLC grew its holdings in 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 purchasing an additional 108 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Trading Down 3.0%

Shares of AMT stock opened at $173.98 on Tuesday. The company has a market cap of $81.45 billion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 0.75 and a beta of 0.92. American Tower Corporation has a 1 year low of $166.88 and a 1 year high of $234.33. The stock’s 50 day simple moving average is $177.33 and its two-hundred day simple moving average is $189.75. 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 Dividend Announcement

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

Insider Buying and Selling

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 value of $159,631,314.75. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Argus set a $210.00 target price on shares of American Tower in a research note on Thursday, October 30th. Royal Bank Of Canada lowered their price objective on American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a research report on Monday, January 12th. Scotiabank cut their target price on American Tower from $248.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. Jefferies Financial Group decreased their target price on American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of American Tower in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average price target 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.