Skylands Capital LLC Boosts Stock Position in American Tower Corporation $AMT

Skylands Capital LLC raised its position in American Tower Corporation (NYSE:AMT) by 14.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,720 shares of the real estate investment trust’s stock after purchasing an additional 5,225 shares during the period. American Tower comprises about 1.1% of Skylands Capital LLC’s investment portfolio, making the stock its 28th largest position. Skylands Capital LLC’s holdings in American Tower were worth $8,024,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of AMT. Abound Wealth Management boosted its position 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 acquiring an additional 81 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of American Tower in the second quarter valued at $31,000. Root Financial Partners LLC acquired a new position in American Tower in the third quarter valued at $32,000. Physician Wealth Advisors Inc. lifted its position in American Tower by 85.9% during the third quarter. Physician Wealth Advisors Inc. now owns 171 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 79 shares during the period. Finally, Westside Investment Management Inc. grew its holdings in American Tower by 103.6% in the 3rd quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 86 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total value of $159,631,314.75. Following the sale, the insider owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This trade represents a 91.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on AMT. Barclays reissued an “equal weight” rating and issued a $200.00 target price (down from $203.00) on shares of American Tower in a research report on Monday, December 1st. Royal Bank Of Canada reduced their target price on American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a report on Monday, January 12th. Mizuho cut their price objective on American Tower from $217.00 to $189.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. Citigroup reiterated a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. Finally, UBS Group cut their price target on shares of American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.79.

American Tower Trading Up 2.7%

AMT opened at $178.45 on Wednesday. American Tower Corporation has a 52-week low of $166.88 and a 52-week high of $234.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. The firm has a market capitalization of $83.54 billion, a P/E ratio of 28.51, a P/E/G ratio of 0.73 and a beta of 0.93. The firm’s 50 day moving average is $176.71 and its 200-day moving average is $187.42.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. American Tower’s payout ratio is 108.63%.

About American Tower

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.