Burling Wealth Partners LLC Sells 4,010 Shares of American Tower Corporation $AMT

Burling Wealth Partners LLC trimmed its position in American Tower Corporation (NYSE:AMT) by 20.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,861 shares of the real estate investment trust’s stock after selling 4,010 shares during the period. Burling Wealth Partners LLC’s holdings in American Tower were worth $3,050,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AMT. Vanguard Group Inc. grew its holdings in shares of American Tower by 1.0% during the third quarter. Vanguard Group Inc. now owns 63,640,168 shares of the real estate investment trust’s stock worth $12,239,277,000 after purchasing an additional 611,801 shares in the last quarter. JPMorgan Chase & Co. lifted its position in 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 purchasing an additional 2,474,328 shares during the last quarter. Invesco Ltd. grew its stake in American Tower by 11.9% in the 2nd quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock worth $1,476,529,000 after buying an additional 708,808 shares in the last quarter. Norges Bank bought a new position in shares of American Tower in the 2nd quarter worth $1,371,875,000. Finally, Charles Schwab Investment Management Inc. raised its position 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 valued at $1,229,659,000 after buying an additional 208,213 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Trading Down 3.3%

Shares of AMT stock opened at $186.70 on Thursday. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50-day moving average of $177.83 and a 200 day moving average of $186.56. The stock has a market capitalization of $87.40 billion, a PE ratio of 29.82, a P/E/G ratio of 0.81 and a beta of 0.93. American Tower Corporation has a 1-year low of $166.88 and a 1-year high of $234.33.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, December 29th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, December 29th. American Tower’s payout ratio is presently 108.63%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Citigroup reissued a “market outperform” rating on shares of American Tower in a research note on Wednesday, October 29th. Jefferies Financial Group reduced their price objective on American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a research report on Tuesday, December 16th. Weiss Ratings restated a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. Barclays reiterated an “equal weight” rating and set a $200.00 price target (down from $203.00) on shares of American Tower in a research report on Monday, December 1st. Finally, JPMorgan Chase & Co. decreased their price target on shares of American Tower from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, January 12th. One 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $218.79.

Insider Buying and Selling

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’s 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 transaction, the insider owned 211,379 shares in the company, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is 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.