Sawtooth Solutions LLC raised its stake in American Tower Co. (REIT) (NYSE:AMT) by 11.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,882 shares of the real estate investment trust’s stock after buying an additional 299 shares during the period. Sawtooth Solutions LLC’s holdings in American Tower were worth $765,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Destiny Wealth Partners LLC bought a new stake in shares of American Tower in the 3rd quarter valued at about $30,000. Canton Hathaway LLC bought a new position in American Tower in the third quarter worth approximately $31,000. Harvest Fund Management Co. Ltd bought a new position in American Tower in the second quarter worth approximately $34,000. Albion Financial Group UT bought a new position in American Tower in the second quarter worth approximately $36,000. Finally, GeoWealth Management LLC purchased a new stake in shares of American Tower in the second quarter worth approximately $37,000. Hedge funds and other institutional investors own 89.37% of the company’s stock.
American Tower stock opened at $259.39 on Thursday. American Tower Co. has a one year low of $197.50 and a one year high of $303.72. The business has a fifty day moving average price of $272.14 and a 200-day moving average price of $278.47. The company has a debt-to-equity ratio of 3.32, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a market capitalization of $118.13 billion, a P/E ratio of 47.16, a PEG ratio of 1.95 and a beta of 0.37.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 14th. Investors of record on Monday, December 27th will be paid a dividend of $1.39 per share. This is a positive change from American Tower’s previous quarterly dividend of $1.31. The ex-dividend date of this dividend is Thursday, December 23rd. This represents a $5.56 annualized dividend and a yield of 2.14%. American Tower’s dividend payout ratio (DPR) is currently 101.09%.
In other news, Director Pamela D. A. Reeve sold 3,590 shares of American Tower stock in a transaction dated Thursday, December 9th. The stock was sold at an average price of $273.02, for a total value of $980,141.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Joann A. Reed sold 866 shares of American Tower stock in a transaction dated Tuesday, November 16th. The stock was sold at an average price of $260.50, for a total value of $225,593.00. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.
AMT has been the subject of several analyst reports. JPMorgan Chase & Co. downgraded American Tower from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $285.00 to $271.00 in a research note on Wednesday, January 5th. Wells Fargo & Company lowered their price objective on American Tower from $305.00 to $285.00 and set an “overweight” rating for the company in a research note on Friday, November 19th. Morgan Stanley lowered their price objective on American Tower from $316.00 to $294.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 1st. Credit Suisse Group increased their price target on American Tower from $324.00 to $328.00 and gave the company an “outperform” rating in a research report on Friday, October 29th. Finally, Raymond James decreased their price target on American Tower from $296.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, November 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $293.63.
American Tower Profile
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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