Shell Asset Management Co. Sells 13,042 Shares of American Tower Corporation $AMT

Shell Asset Management Co. decreased its position in shares of American Tower Corporation (NYSE:AMT) by 70.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,555 shares of the real estate investment trust’s stock after selling 13,042 shares during the quarter. Shell Asset Management Co.’s holdings in American Tower were worth $1,068,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Abound Wealth Management raised its holdings in American Tower by 137.3% during the third quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 81 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in American Tower in the 2nd quarter valued at about $31,000. Root Financial Partners LLC acquired a new position in American Tower during the 3rd quarter valued at about $32,000. Physician Wealth Advisors Inc. increased its holdings in American Tower by 85.9% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 171 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 79 shares in the last quarter. Finally, Westside Investment Management Inc. raised its stake in shares of American Tower by 103.6% in the third quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 86 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AMT has been the topic of several analyst reports. New Street Research raised American Tower from a “neutral” rating to a “buy” rating and set a $203.00 target price on the stock in a research report on Monday, January 5th. Scotiabank reduced their target price on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, January 14th. Mizuho dropped their price target on shares of American Tower from $217.00 to $189.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of American Tower in a research note on Monday, December 29th. Finally, TD Cowen cut their target price on American Tower from $249.00 to $235.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $218.79.

Insiders Place Their Bets

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the completion of the sale, the insider directly owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of AMT stock opened at $192.03 on Tuesday. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $89.90 billion, a price-to-earnings ratio of 30.68, a P/E/G ratio of 0.80 and a beta of 0.93. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The firm’s 50-day simple moving average is $177.43 and its two-hundred day simple moving average is $186.70.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, December 29th were paid a $1.70 dividend. The ex-dividend date was Monday, December 29th. This represents a $6.80 annualized dividend and a yield of 3.5%. American Tower’s dividend payout ratio is presently 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.