Mendel Money Management Takes $580,000 Position in American Tower Corporation $AMT

Mendel Money Management acquired a new position in shares of American Tower Corporation (NYSE:AMT) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,015 shares of the real estate investment trust’s stock, valued at approximately $580,000.

Several other institutional investors have also added to or reduced their stakes in AMT. Brighton Jones LLC boosted its position in shares of American Tower by 113.0% during the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock worth $727,000 after buying an additional 2,104 shares during the period. Sivia Capital Partners LLC boosted its position in American Tower by 34.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust’s stock worth $319,000 after acquiring an additional 368 shares during the last quarter. United Bank grew its stake in shares of American Tower by 12.7% during the 2nd quarter. United Bank now owns 6,488 shares of the real estate investment trust’s stock worth $1,434,000 after acquiring an additional 733 shares in the last quarter. Avidian Wealth Enterprises LLC raised its holdings in shares of American Tower by 19.1% in the second quarter. Avidian Wealth Enterprises LLC now owns 1,097 shares of the real estate investment trust’s stock valued at $242,000 after purchasing an additional 176 shares during the last quarter. Finally, Phoenix Financial Ltd. lifted its position in shares of American Tower by 97.0% in the second quarter. Phoenix Financial Ltd. now owns 3,046 shares of the real estate investment trust’s stock worth $672,000 after purchasing an additional 1,500 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Insider Buying and Selling at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the sale, the insider owned 211,379 shares in the company, valued at approximately $14,743,685.25. This trade represents a 91.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on AMT shares. Royal Bank Of Canada decreased their target price on shares of American Tower from $220.00 to $195.00 and set a “sector perform” rating for the company in a research report on Monday, January 12th. Wells Fargo & Company lowered their target price on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. Argus set a $210.00 price target on American Tower in a research report on Thursday, October 30th. Morgan Stanley lowered their price target on American Tower from $255.00 to $235.00 and set an “overweight” rating on the stock in a research report on Thursday, December 4th. Finally, Raymond James Financial dropped their price objective on American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 23rd. One investment 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $218.79.

American Tower Stock Performance

AMT opened at $184.74 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The business has a 50 day moving average of $177.89 and a 200-day moving average of $186.55. The stock has a market cap of $86.49 billion, a price-to-earnings ratio of 29.51, a PEG ratio of 0.78 and a beta of 0.93.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, December 29th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, December 29th. American Tower’s payout ratio is currently 108.63%.

American Tower Company Profile

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.