Kovitz Investment Group Partners LLC Purchases 2,947 Shares of American Tower Corporation $AMT

Kovitz Investment Group Partners LLC raised its position in American Tower Corporation (NYSE:AMT) by 3.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,975 shares of the real estate investment trust’s stock after acquiring an additional 2,947 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in American Tower were worth $17,112,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of AMT. Abound Wealth Management increased its holdings in American Tower by 137.3% during the 3rd quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 81 shares during the period. Legacy Investment Solutions LLC purchased a new stake in American Tower in the 2nd quarter worth approximately $31,000. Root Financial Partners LLC bought a new stake in shares of American Tower in the 3rd quarter worth approximately $32,000. Physician Wealth Advisors Inc. increased its stake in shares of 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 valued at $33,000 after buying an additional 79 shares during the period. Finally, Westside Investment Management Inc. raised its holdings in shares of American Tower by 103.6% during the third quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 86 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 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 stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the sale, the insider directly owned 211,379 shares of the company’s stock, valued at $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of several recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of American Tower in a report on Monday, December 29th. Scotiabank dropped their target price on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. New Street Research upgraded shares of American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price target on the stock in a research report on Monday, January 5th. Raymond James Financial decreased their price target on shares of American Tower from $231.00 to $229.00 and set a “strong-buy” rating for the company in a research note on Friday, January 23rd. Finally, UBS Group cut their price objective on American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $218.79.

American Tower Stock Up 1.5%

Shares of American Tower stock opened at $190.04 on Tuesday. American Tower Corporation has a 1 year low of $166.88 and a 1 year high of $234.33. The firm has a market cap of $88.97 billion, a price-to-earnings ratio of 30.36, a PEG ratio of 0.78 and a beta of 0.93. The company has a 50-day moving average of $178.21 and a 200 day moving average of $185.91. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, December 29th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. American Tower’s dividend payout ratio (DPR) is currently 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.