Patron Partners LLC Has $661,000 Stake in American Tower Co. (NYSE:AMT)

Patron Partners LLC grew its stake in shares of American Tower Co. (NYSE:AMT) by 6.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 3,604 shares of the real estate investment trust’s stock after acquiring an additional 232 shares during the quarter. Patron Partners LLC’s holdings in American Tower were worth $661,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in AMT. abrdn plc lifted its holdings in American Tower by 8.7% during the fourth quarter. abrdn plc now owns 710,299 shares of the real estate investment trust’s stock worth $129,466,000 after acquiring an additional 56,750 shares during the period. Trust Point Inc. grew its position in American Tower by 10.1% during the 4th quarter. Trust Point Inc. now owns 1,590 shares of the real estate investment trust’s stock worth $292,000 after acquiring an additional 146 shares during the last quarter. Graham Capital Wealth Management LLC purchased a new stake in shares of American Tower during the fourth quarter worth about $2,618,000. Resonant Capital Advisors LLC increased its position in American Tower by 5.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after purchasing an additional 61 shares during the period. Finally, JB Capital LLC grew its holdings in shares of American Tower by 4.2% during the 4th quarter. JB Capital LLC now owns 18,003 shares of the real estate investment trust’s stock worth $3,302,000 after acquiring an additional 726 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the sale, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. BMO Capital Markets cut their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Citizens Jmp raised American Tower to a “strong-buy” rating in a report on Monday, January 27th. Finally, Mizuho reduced their target price 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 research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $226.23.

American Tower Stock Up 0.3 %

NYSE AMT opened at $185.53 on Tuesday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The stock has a market capitalization of $86.70 billion, a PE ratio of 78.28, a PEG ratio of 1.24 and a beta of 0.84. The business’s 50-day moving average is $190.58 and its 200 day moving average is $210.42. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s dividend payout ratio is presently 273.42%.

About American Tower

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.