Principle Wealth Partners LLC Increases Stock Position in American Tower Co. (NYSE:AMT)

Principle Wealth Partners LLC boosted its stake in American Tower Co. (NYSE:AMT) by 4.0% during the fourth quarter, HoldingsChannel reports. The firm owned 4,162 shares of the real estate investment trust’s stock after buying an additional 160 shares during the period. Principle Wealth Partners LLC’s holdings in American Tower were worth $763,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AMT. Fortitude Family Office LLC raised its stake in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in American Tower during the third quarter valued at approximately $30,000. Hara Capital LLC bought a new position in American Tower during the third quarter valued at approximately $31,000. Legacy Investment Solutions LLC bought a new position in American Tower during the third quarter valued at approximately $34,000. Finally, Activest Wealth Management grew its position in American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 125 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 1.9 %

American Tower stock opened at $193.45 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The firm has a 50 day moving average of $188.09 and a 200 day moving average of $209.49. The firm has a market capitalization of $90.40 billion, a price-to-earnings ratio of 81.63, a P/E/G ratio of 1.27 and a beta of 0.84.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s dividend payout ratio (DPR) is currently 273.42%.

Analysts Set New Price Targets

AMT has been the topic of a number of recent research reports. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research report on Monday, January 27th. JMP Securities initiated coverage on shares of American Tower in a research report on Monday, January 27th. They set an “outperform” rating and a $225.00 price target on the stock. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Barclays cut their target price on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Finally, The Goldman Sachs Group cut their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $226.23.

Insider Buying and Selling at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the transaction, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.18% of the company’s stock.

American Tower Company Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.