Western Wealth Management LLC Purchases 3,152 Shares of American Tower Corporation $AMT

Western Wealth Management LLC raised its holdings in shares of American Tower Corporation (NYSE:AMT) by 75.2% during the 1st quarter, Holdings Channel.com reports. The firm owned 7,342 shares of the real estate investment trust’s stock after acquiring an additional 3,152 shares during the quarter. Western Wealth Management LLC’s holdings in American Tower were worth $1,267,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. J. Stern & Co. LLP raised its position in shares of American Tower by 28,121.1% in the fourth quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock valued at $6,616,703,000 after purchasing an additional 37,553,436 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in American Tower by 20,721.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock worth $1,705,254,000 after buying an additional 9,666,025 shares during the period. Norges Bank bought a new position in American Tower in the 4th quarter worth approximately $1,171,180,000. Lazard Asset Management LLC grew its stake in American Tower by 1,984.8% in the 3rd quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock valued at $858,552,000 after buying an additional 4,250,242 shares in the last quarter. Finally, Capital International Investors raised its holdings in American Tower by 157.0% during the 4th quarter. Capital International Investors now owns 3,871,368 shares of the real estate investment trust’s stock valued at $679,696,000 after acquiring an additional 2,364,898 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on AMT. BMO Capital Markets increased their target price on American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada upgraded American Tower from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $195.00 to $205.00 in a research report on Friday, June 26th. TD Cowen increased their price objective on American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Jefferies Financial Group cut their target price on American Tower from $210.00 to $201.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Finally, Mizuho raised American Tower from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $189.00 to $205.00 in a report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $215.14.

Insider Activity at American Tower

In other news, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the transaction, the chief financial officer owned 21,428 shares in the company, valued at approximately $3,833,254.92. The trade was a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the sale, the executive vice president owned 27,711 shares of the company’s stock, valued at $4,848,316.56. The trade was a 3.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 6,791 shares of company stock worth $1,204,091 over the last three months. Insiders own 0.08% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $170.23 on Thursday. The company’s 50 day simple moving average is $173.58 and its two-hundred day simple moving average is $177.99. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $214.79. The stock has a market capitalization of $79.32 billion, a PE ratio of 23.42, a P/E/G ratio of 2.69 and a beta of 0.90.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were issued a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, June 12th. American Tower’s dividend payout ratio (DPR) is currently 98.49%.

American Tower 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.