American Tower Corporation $AMT Shares Sold by Payden & Rygel

Payden & Rygel reduced its holdings in American Tower Corporation (NYSE:AMT) by 86.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,700 shares of the real estate investment trust’s stock after selling 30,400 shares during the quarter. Payden & Rygel’s holdings in American Tower were worth $904,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Norges Bank acquired a new stake in American Tower in the second quarter valued at $1,371,875,000. JPMorgan Chase & Co. increased its holdings in shares of American Tower by 24.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock valued at $2,799,458,000 after purchasing an additional 2,474,328 shares in the last quarter. Viking Global Investors LP lifted its stake in shares of American Tower by 233.5% in the second quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock valued at $618,221,000 after purchasing an additional 1,958,329 shares during the period. Invesco Ltd. lifted its stake in shares of American Tower by 11.9% in the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after purchasing an additional 708,808 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in American Tower by 1.0% during the third quarter. Vanguard Group Inc. now owns 63,640,168 shares of the real estate investment trust’s stock worth $12,239,277,000 after buying an additional 611,801 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the transaction, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of research reports. Royal Bank Of Canada reduced their price target on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a research report on Monday, January 12th. HSBC dropped their price objective on American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. Mizuho lowered their target price on American Tower from $217.00 to $189.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. BMO Capital Markets cut American Tower from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $210.00 to $185.00 in a research report on Friday, January 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. One equities research 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $218.79.

American Tower Stock Up 1.3%

AMT opened at $187.28 on Monday. The firm has a market cap of $87.67 billion, a P/E ratio of 29.92, a PEG ratio of 0.78 and a beta of 0.93. The business’s fifty day simple moving average is $178.02 and its 200 day simple moving average is $186.05. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower Dividend Announcement

The company 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 3.6%. American Tower’s payout ratio is 108.63%.

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.