Wedbush Securities Inc. Boosts Holdings in American Tower Corporation $AMT

Wedbush Securities Inc. raised its position in shares of American Tower Corporation (NYSE:AMT) by 169.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,308 shares of the real estate investment trust’s stock after acquiring an additional 3,970 shares during the period. Wedbush Securities Inc.’s holdings in American Tower were worth $1,213,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in American Tower by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 63,028,367 shares of the real estate investment trust’s stock valued at $13,930,530,000 after purchasing an additional 218,881 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of American Tower by 24.3% during the second quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock valued at $2,799,458,000 after buying an additional 2,474,328 shares during the period. Invesco Ltd. grew its stake in shares of American Tower by 11.9% during the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after buying an additional 708,808 shares during the last quarter. Norges Bank purchased a new stake in shares of American Tower in the second quarter worth approximately $1,371,875,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of American Tower by 3.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,563,565 shares of the real estate investment trust’s stock worth $1,229,659,000 after acquiring an additional 208,213 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 2.0%

Shares of NYSE:AMT opened at $192.03 on Friday. The company has a market capitalization of $89.90 billion, a PE ratio of 30.68, a P/E/G ratio of 0.79 and a beta of 0.93. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The business’s fifty day simple moving average is $177.25 and its 200-day simple moving average is $187.16.

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 $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, December 29th. American Tower’s dividend payout ratio (DPR) is currently 108.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Scotiabank cut their price objective on American Tower from $248.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Royal Bank Of Canada decreased their price objective on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. New Street Research upgraded American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price target for the company in a report on Monday, January 5th. Finally, Wells Fargo & Company reduced their price objective on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.79.

Insider Activity

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the transaction, the insider owned 211,379 shares in the company, valued at $14,743,685.25. The trade was a 91.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by insiders.

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.