Northeast Investment Management Sells 2,979 Shares of American Tower Corporation $AMT

Northeast Investment Management lowered its holdings in shares of American Tower Corporation (NYSE:AMT) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,051 shares of the real estate investment trust’s stock after selling 2,979 shares during the quarter. American Tower comprises about 1.3% of Northeast Investment Management’s investment portfolio, making the stock its 23rd biggest position. Northeast Investment Management’s holdings in American Tower were worth $32,127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. NEOS Investment Management LLC boosted its holdings in American Tower by 66.5% in the third quarter. NEOS Investment Management LLC now owns 105,552 shares of the real estate investment trust’s stock worth $20,300,000 after purchasing an additional 42,176 shares in the last quarter. Mondrian Investment Partners LTD bought a new stake in shares of American Tower during the 3rd quarter worth about $1,019,000. Summitry LLC increased its holdings in shares of American Tower by 109.9% during the 3rd quarter. Summitry LLC now owns 2,099 shares of the real estate investment trust’s stock valued at $404,000 after acquiring an additional 1,099 shares during the last quarter. M&G PLC raised 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 acquiring an additional 125,241 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in American Tower by 1.0% in 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 purchasing an additional 611,801 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s 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 in the company, valued at $14,743,685.25. The trade was a 91.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. HSBC lowered their price target on American Tower from $235.00 to $205.00 in a report on Wednesday, October 29th. Barclays reaffirmed an “equal weight” rating and set a $200.00 price objective (down from $203.00) on shares of American Tower in a report on Monday, December 1st. JPMorgan Chase & Co. dropped their target price on shares of American Tower from $250.00 to $245.00 and set an “overweight” rating on the stock in a report on Monday, January 12th. Citigroup reissued a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. Finally, Wells Fargo & Company decreased their price target on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $218.79.

American Tower Trading Up 0.4%

Shares of AMT stock opened at $192.89 on Wednesday. The firm has a market capitalization of $90.30 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 0.80 and a beta of 0.93. American Tower Corporation has a 1 year low of $166.88 and a 1 year high of $234.33. The firm’s fifty day simple moving average is $177.70 and its 200 day simple moving average is $186.56. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. American Tower’s dividend payout ratio is currently 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.