American Tower Corporation $AMT Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp reduced its position in shares of American Tower Corporation (NYSE:AMT) by 1.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 224,130 shares of the real estate investment trust’s stock after selling 3,602 shares during the quarter. King Luther Capital Management Corp’s holdings in American Tower were worth $43,105,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in American Tower during 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 buying an additional 2,474,328 shares in the last quarter. Viking Global Investors LP boosted its holdings 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 worth $618,221,000 after buying an additional 1,958,329 shares during the last quarter. Invesco Ltd. increased its stake in American Tower by 11.9% during 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. Finally, Vanguard Group Inc. increased its stake in American Tower by 1.0% during the 3rd 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 in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Down 3.3%

Shares of AMT stock opened at $186.70 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24. American Tower Corporation has a twelve month low of $166.88 and a twelve month high of $234.33. The company’s 50-day moving average price is $177.83 and its 200-day moving average price is $186.56. The stock has a market cap of $87.40 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 0.81 and a beta of 0.93.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were issued a dividend of $1.70 per share. The ex-dividend date 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%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AMT. HSBC lowered their price target on American Tower from $235.00 to $205.00 in a research note on Wednesday, October 29th. Argus set a $210.00 target price on shares of American Tower in a research note on Thursday, October 30th. UBS Group dropped their target price on shares of American Tower from $260.00 to $254.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. Mizuho decreased their price target on shares of American Tower from $217.00 to $189.00 and set a “neutral” rating on the stock in a research note on Monday, January 12th. Finally, Morgan Stanley dropped their price objective on shares of American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a research note on Thursday, December 4th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $218.79.

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 value of $159,631,314.75. Following the completion of the transaction, the insider directly owned 211,379 shares in the company, valued at approximately $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.17% of the company’s stock.

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.