Envestnet Asset Management Inc. Reduces Holdings in American Tower Corporation $AMT

Envestnet Asset Management Inc. reduced its stake in American Tower Corporation (NYSE:AMT) by 18.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 632,488 shares of the real estate investment trust’s stock after selling 147,762 shares during the period. Envestnet Asset Management Inc.’s holdings in American Tower were worth $121,640,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of American Tower by 8.9% in 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 acquiring an additional 7,872 shares during the last quarter. Eastern Bank lifted 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 in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in American Tower by 92.4% during the 3rd 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 last quarter. Stack Financial Management Inc purchased a new stake in shares of American Tower during the second quarter worth $13,020,000. Finally, Los Angeles Capital Management LLC lifted its stake in shares of American Tower by 52.5% in the second 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 in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Down 0.0%

AMT stock opened at $171.46 on Friday. American Tower Corporation has a one year low of $166.88 and a one year high of $234.33. The firm has a market cap of $80.27 billion, a PE ratio of 27.39, a PEG ratio of 0.72 and a beta of 0.93. The firm’s 50 day moving average price is $176.71 and its 200-day moving average price is $188.79. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were issued a dividend of $1.70 per share. The ex-dividend date was Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 4.0%. American Tower’s dividend payout ratio is currently 108.63%.

Insider Activity

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’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 completion of the sale, the insider directly owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. This trade represents 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. Insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on AMT shares. TD Cowen dropped their price objective on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Citigroup restated a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. Scotiabank dropped their price target 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. The Goldman Sachs Group reduced their price objective on American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Finally, UBS Group lowered their price objective on American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and a consensus 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.