Payden & Rygel Decreases Holdings in American Tower Corporation $AMT

Payden & Rygel reduced its holdings in shares of American Tower Corporation (NYSE:AMT) by 86.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in AMT. Vanguard Group Inc. increased its stake in American Tower by 1.0% in the third quarter. Vanguard Group Inc. now owns 63,640,168 shares of the real estate investment trust’s stock valued at $12,239,277,000 after purchasing an additional 611,801 shares during the last quarter. JPMorgan Chase & Co. boosted 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 buying an additional 2,474,328 shares in the last quarter. Invesco Ltd. grew its position in shares of American Tower by 11.9% in the 2nd quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after buying an additional 708,808 shares during the last quarter. Norges Bank acquired a new stake in American Tower during the 2nd quarter worth $1,371,875,000. Finally, Charles Schwab Investment Management Inc. lifted its position in American Tower by 3.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,563,565 shares of the real estate investment trust’s stock valued at $1,229,659,000 after acquiring an additional 208,213 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AMT. New Street Research raised American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price objective on the stock in a report on Monday, January 5th. Raymond James Financial decreased their target price on American Tower from $231.00 to $229.00 and set a “strong-buy” rating for the company in a research report on Friday, January 23rd. Jefferies Financial Group cut their price target on American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research report on Tuesday, December 16th. TD Cowen reduced their price objective 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. Finally, Royal Bank Of Canada decreased their price objective on American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.79.

American Tower Stock Up 1.3%

AMT opened at $187.28 on Monday. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The business has a 50 day moving average price of $178.02 and a two-hundred day moving average price of $186.05. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. The company has a market cap of $87.67 billion, a PE ratio of 29.92, a P/E/G ratio of 0.78 and a beta of 0.93.

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 issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. American Tower’s dividend payout ratio (DPR) is currently 108.63%.

Insiders Place Their Bets

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction on 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 directly owned 211,379 shares in the company, valued at $14,743,685.25. This trade represents a 91.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.18% of the stock is currently owned by company insiders.

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.