NEOS Investment Management LLC Purchases 42,176 Shares of American Tower Corporation $AMT

NEOS Investment Management LLC raised its position in American Tower Corporation (NYSE:AMT) by 66.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 105,552 shares of the real estate investment trust’s stock after buying an additional 42,176 shares during the quarter. NEOS Investment Management LLC’s holdings in American Tower were worth $20,300,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mondrian Investment Partners LTD acquired a new stake in shares of American Tower during the 3rd quarter worth approximately $1,019,000. Summitry LLC boosted its holdings in shares of American Tower by 109.9% in the 3rd quarter. Summitry LLC now owns 2,099 shares of the real estate investment trust’s stock valued at $404,000 after purchasing an additional 1,099 shares in the last quarter. M&G PLC increased its stake in shares of American Tower by 14.2% in the 3rd quarter. M&G PLC now owns 1,009,526 shares of the real estate investment trust’s stock valued at $193,829,000 after purchasing an additional 125,241 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of American Tower by 1.0% during the 3rd 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. Finally, Texas Yale Capital Corp. lifted its position in shares of American Tower by 10.7% during the 3rd quarter. Texas Yale Capital Corp. now owns 16,593 shares of the real estate investment trust’s stock worth $3,191,000 after buying an additional 1,609 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Up 0.4%

NYSE:AMT opened at $192.89 on Wednesday. The firm’s 50 day simple moving average is $177.70 and its 200 day simple moving average is $186.56. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89. American Tower Corporation has a one year low of $166.88 and a one year high of $234.33. The company has a market cap of $90.30 billion, a PE ratio of 30.81, a P/E/G ratio of 0.80 and a beta of 0.93.

American Tower Announces Dividend

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. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, December 29th. American Tower’s payout ratio is 108.63%.

Insiders Place Their Bets

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower 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 transaction, the insider directly owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. BMO Capital Markets cut American Tower from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $210.00 to $185.00 in a research report on Friday, January 9th. Morgan Stanley decreased their price target on shares of American Tower from $255.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Royal Bank Of Canada lowered their price objective 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. TD Cowen cut their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of American Tower in a 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 company’s stock. According to data from MarketBeat.com, American Tower currently 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.