NEOS Investment Management LLC Has $20.30 Million Stock Holdings in American Tower Corporation $AMT

NEOS Investment Management LLC grew its stake in shares of American Tower Corporation (NYSE:AMT) by 66.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 105,552 shares of the real estate investment trust’s stock after purchasing an additional 42,176 shares during the quarter. NEOS Investment Management LLC’s holdings in American Tower were worth $20,300,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in AMT. Norges Bank acquired a new stake in American Tower in the second quarter valued at $1,371,875,000. JPMorgan Chase & Co. lifted its stake in American Tower by 24.3% in the 2nd 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. Viking Global Investors LP lifted its stake in American Tower by 233.5% in the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock valued at $618,221,000 after purchasing an additional 1,958,329 shares during the last quarter. Invesco Ltd. grew its holdings in 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 worth $1,476,529,000 after purchasing an additional 708,808 shares during the period. Finally, Vanguard Group Inc. increased its position in 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 buying an additional 611,801 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 0.4%

Shares of American Tower stock opened at $192.89 on Wednesday. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50-day moving average of $177.70 and a 200-day moving average of $186.56. American Tower Corporation has a 52-week low of $166.88 and a 52-week high of $234.33. The stock has a market cap of $90.30 billion, a PE ratio of 30.81, a PEG ratio of 0.80 and a beta of 0.93.

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 given a dividend of $1.70 per share. 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 is presently 108.63%.

Insider Activity at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the sale, the insider owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the subject of a number of recent analyst reports. Scotiabank cut their price objective on American Tower from $248.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. Morgan Stanley cut their price target on American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a report on Thursday, December 4th. Raymond James Financial decreased their price objective on shares of American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a report on Friday, January 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. Finally, TD Cowen reduced their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.79.

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.