American Tower Co. (NYSE:AMT) Stock Position Lessened by Jennison Associates LLC

Jennison Associates LLC reduced its stake in shares of American Tower Co. (NYSE:AMT) by 6.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 42,762 shares of the real estate investment trust’s stock after selling 2,958 shares during the period. Jennison Associates LLC’s holdings in American Tower were worth $7,843,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of AMT. Fortitude Family Office LLC lifted its stake in shares of American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 78 shares during the period. Northwest Investment Counselors LLC acquired a new stake in American Tower in the third quarter worth approximately $30,000. Hara Capital LLC bought a new position in American Tower during the 3rd quarter valued at $31,000. Legacy Investment Solutions LLC acquired a new position in shares of American Tower during the 3rd quarter valued at $34,000. Finally, Activest Wealth Management raised its stake in shares of American Tower by 431.0% in the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 125 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Up 1.8 %

Shares of American Tower stock opened at $187.53 on Thursday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a market cap of $87.63 billion, a P/E ratio of 79.13, a P/E/G ratio of 1.24 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a 50-day moving average price of $189.66 and a 200 day moving average price of $210.06.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, December 27th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Friday, December 27th. American Tower’s dividend payout ratio is currently 273.42%.

Insider Activity at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.18% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on AMT. BMO Capital Markets lowered their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Wells Fargo & Company dropped their target price on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. The Goldman Sachs Group reduced their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, December 12th. JMP Securities began coverage on American Tower in a report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price target on the stock. Finally, Mizuho reduced their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.23.

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.