Rhumbline Advisers Has $198.45 Million Position in American Tower Corporation $AMT

Rhumbline Advisers lessened its holdings in American Tower Corporation (NYSE:AMT) by 4.3% in the third quarter, Holdings Channel reports. The institutional investor owned 1,031,882 shares of the real estate investment trust’s stock after selling 46,907 shares during the period. Rhumbline Advisers’ holdings in American Tower were worth $198,451,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new position in shares of American Tower in the 2nd quarter worth about $31,000. Abound Wealth Management lifted its position in 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 grew its holdings in American Tower by 136.4% during 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 in the last quarter. Root Financial Partners LLC bought a new stake in shares of American Tower in the 3rd quarter worth $32,000. Finally, Westside Investment Management Inc. increased its stake in American Tower by 103.6% in the 3rd quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 86 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Activity

In related 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 shares were sold at an average price of $69.75, for a total value of $159,631,314.75. Following the transaction, the insider owned 211,379 shares in the company, valued at $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

American Tower Stock Up 2.7%

Shares of 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 market capitalization of $83.54 billion, a P/E ratio of 28.51, a P/E/G 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. The stock has a 50 day moving average price of $176.71 and a 200-day moving average price of $187.42.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors 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 3.8%. American Tower’s dividend payout ratio is presently 108.63%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AMT shares. Jefferies Financial Group reduced their price target on shares of American Tower from $226.00 to $202.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. TD Cowen cut their target price on American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Scotiabank reduced 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. Argus set a $210.00 price objective on shares of American Tower in a report on Thursday, October 30th. Finally, Citigroup restated a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.