ANTIPODES PARTNERS Ltd Makes New Investment in American Tower Corporation $AMT

ANTIPODES PARTNERS Ltd bought a new position in American Tower Corporation (NYSE:AMT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 354,584 shares of the real estate investment trust’s stock, valued at approximately $68,199,000. American Tower makes up about 1.5% of ANTIPODES PARTNERS Ltd’s portfolio, making the stock its 28th largest holding.

Several other hedge funds have also made changes to their positions in AMT. Legacy Investment Solutions LLC purchased a new position in American Tower during the 2nd quarter worth approximately $31,000. Abound Wealth Management boosted its position in shares of 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 buying an additional 81 shares during the period. VSM Wealth Advisory LLC grew its holdings in shares of 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 valued at $34,000 after buying an additional 90 shares in the last quarter. Root Financial Partners LLC acquired a new position in American Tower during the third quarter valued at $32,000. Finally, Westside Investment Management Inc. lifted 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 worth $33,000 after acquiring an additional 86 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of research analyst reports. Argus set a $210.00 target price on shares of American Tower in a research report on Thursday, October 30th. HSBC dropped their price target on shares of American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. Weiss Ratings reissued a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. Wells Fargo & Company dropped their target price on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. Finally, Morgan Stanley reduced their price target 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 research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $218.79.

Insider Buying and Selling

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the completion of the sale, the insider owned 211,379 shares in the company, valued at approximately $14,743,685.25. This trade represents a 91.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company insiders.

American Tower Trading Up 1.3%

Shares of American Tower stock opened at $187.28 on Friday. American Tower Corporation has a 1 year low of $166.88 and a 1 year high of $234.33. The company’s fifty day simple moving average is $178.02 and its 200-day simple moving average is $186.37. The company has a market cap of $87.67 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 0.77 and a beta of 0.93. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, December 29th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, December 29th. American Tower’s payout ratio is currently 108.63%.

About American Tower

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.