Independent Advisor Alliance Raises Holdings in American Tower Co. (NYSE:AMT)

Independent Advisor Alliance lifted its holdings in shares of American Tower Co. (NYSE:AMTGet Rating) by 8.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,073 shares of the real estate investment trust’s stock after buying an additional 399 shares during the period. Independent Advisor Alliance’s holdings in American Tower were worth $1,089,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Charter Oak Capital Management LLC purchased a new position in shares of American Tower during the 2nd quarter worth approximately $26,000. Canton Hathaway LLC purchased a new position in shares of American Tower during the 2nd quarter worth approximately $29,000. Pinnacle Holdings LLC purchased a new position in American Tower in the 1st quarter valued at approximately $29,000. Activest Wealth Management increased its stake in American Tower by 379.3% in the 3rd quarter. Activest Wealth Management now owns 139 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 110 shares in the last quarter. Finally, Eagle Bay Advisors LLC purchased a new position in American Tower in the 2nd quarter valued at approximately $30,000. 89.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Raymond James raised their price objective on American Tower from $219.00 to $233.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 23rd. Morgan Stanley raised their price objective on American Tower from $219.00 to $224.00 and gave the stock an “equal weight” rating in a report on Monday. Cowen reduced their target price on American Tower to $279.00 in a report on Tuesday, November 1st. Barclays lifted their target price on American Tower from $232.00 to $247.00 and gave the company an “overweight” rating in a report on Monday, November 14th. Finally, Wells Fargo & Company lifted their target price on American Tower from $225.00 to $245.00 in a report on Wednesday, December 14th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $266.06.

Insider Buying and Selling

In related news, Director Raymond P. Dolan sold 1,619 shares of American Tower stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $233.92, for a total value of $378,716.48. Following the completion of the transaction, the director now directly owns 17,473 shares in the company, valued at $4,087,284.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other American Tower news, Director Raymond P. Dolan sold 1,619 shares of American Tower stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $233.92, for a total value of $378,716.48. Following the completion of the transaction, the director now directly owns 17,473 shares in the company, valued at $4,087,284.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Rodney M. Smith sold 1,574 shares of American Tower stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $233.92, for a total value of $368,190.08. Following the completion of the transaction, the chief financial officer now owns 47,071 shares of the company’s stock, valued at $11,010,848.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,079 shares of company stock worth $9,071,929. Corporate insiders own 0.24% of the company’s stock.

American Tower Stock Down 0.2 %

Shares of NYSE AMT opened at $215.17 on Wednesday. The firm has a market cap of $100.19 billion, a price-to-earnings ratio of 34.15, a PEG ratio of 1.98 and a beta of 0.54. American Tower Co. has a 1 year low of $178.17 and a 1 year high of $282.47. The stock’s 50-day simple moving average is $217.67 and its 200-day simple moving average is $230.48. The company has a debt-to-equity ratio of 2.87, a quick ratio of 0.75 and a current ratio of 0.75.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 2nd. Investors of record on Wednesday, December 28th will be paid a $1.56 dividend. This represents a $6.24 dividend on an annualized basis and a yield of 2.90%. This is an increase from American Tower’s previous quarterly dividend of $1.47. The ex-dividend date is Tuesday, December 27th. American Tower’s dividend payout ratio (DPR) is 99.05%.

About American Tower

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American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant 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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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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