Waterloo Capital L.P. Acquires 9,390 Shares of American Tower Corporation $AMT

Waterloo Capital L.P. raised its stake in American Tower Corporation (NYSE:AMT) by 87.4% in the third quarter, Holdings Channel reports. The fund owned 20,134 shares of the real estate investment trust’s stock after purchasing an additional 9,390 shares during the quarter. Waterloo Capital L.P.’s holdings in American Tower were worth $3,872,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in AMT. Vanguard Group Inc. increased its holdings in shares of American Tower by 0.3% during the second quarter. Vanguard Group Inc. now owns 63,028,367 shares of the real estate investment trust’s stock worth $13,930,530,000 after buying an additional 218,881 shares in the last quarter. JPMorgan Chase & Co. raised its position in American Tower by 24.3% in 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 purchasing an additional 2,474,328 shares during the last quarter. Invesco Ltd. boosted 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 purchasing an additional 708,808 shares in the last quarter. Norges Bank bought a new stake in shares of American Tower during the second quarter worth about $1,371,875,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of American Tower by 3.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,563,565 shares of the real estate investment trust’s stock valued at $1,229,659,000 after buying an additional 208,213 shares during the period. 92.69% of the stock is owned by institutional investors.

American Tower Trading Down 2.7%

NYSE AMT opened at $171.79 on Friday. The stock has a market capitalization of $80.42 billion, a P/E ratio of 27.44, a P/E/G ratio of 0.74 and a beta of 0.93. The business has a 50 day simple moving average of $176.92 and a 200 day simple moving average of $189.17. 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 Corporation has a one year low of $166.88 and a one year high of $234.33.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, December 29th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Monday, December 29th. American Tower’s payout ratio is presently 108.63%.

Analyst Ratings Changes

AMT has been the topic of several recent research reports. HSBC cut their target price on shares of American Tower from $235.00 to $205.00 in a research report on Wednesday, October 29th. Wall Street Zen raised shares of American Tower from a “sell” rating to a “hold” rating in a research note on Sunday, October 12th. Argus set a $210.00 price objective on American Tower in a report on Thursday, October 30th. BMO Capital Markets downgraded American Tower from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $210.00 to $185.00 in a report on Friday, January 9th. Finally, New Street Research raised American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price objective on the stock in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $218.79.

Insider Transactions at American Tower

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider directly owned 211,379 shares in the company, valued at approximately $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate 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.