Madison Asset Management LLC Sells 36,808 Shares of American Tower Corporation $AMT

Madison Asset Management LLC reduced its holdings in shares of American Tower Corporation (NYSE:AMT) by 25.0% in the third quarter, HoldingsChannel.com reports. The fund owned 110,199 shares of the real estate investment trust’s stock after selling 36,808 shares during the quarter. Madison Asset Management LLC’s holdings in American Tower were worth $21,193,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in American Tower in the second quarter valued at approximately $31,000. Abound Wealth Management increased its stake in shares of American Tower by 137.3% in the 3rd quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 81 shares in the last quarter. VSM Wealth Advisory LLC lifted its position in shares of American Tower by 136.4% during the 2nd quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 90 shares during the period. Root Financial Partners LLC bought a new position in American Tower during the third quarter worth $32,000. Finally, Westside Investment Management Inc. grew its holdings in American Tower by 103.6% in the third quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 86 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction on 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 $14,743,685.25. This trade represents a 91.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.18% of the stock is owned by company insiders.

American Tower Trading Up 2.7%

NYSE:AMT opened at $178.45 on Wednesday. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The firm has a 50-day moving average price of $176.71 and a two-hundred day moving average price of $187.42. The firm has a market cap of $83.54 billion, a price-to-earnings ratio of 28.51, a price-to-earnings-growth ratio of 0.73 and a beta of 0.93. 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 disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, December 29th were given a $1.70 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 annualized dividend and a yield of 3.8%. American Tower’s payout ratio is currently 108.63%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on AMT shares. Royal Bank Of Canada reduced their price objective on American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a research note on Monday, January 12th. TD Cowen reduced their price target on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Mizuho decreased their price target on shares of American Tower from $217.00 to $189.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. HSBC reduced their price objective on shares of American Tower from $235.00 to $205.00 in a report on Wednesday, October 29th. Finally, The Goldman Sachs Group lowered their target price on shares of American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.