Stonebridge Financial Group LLC Invests $1.70 Million in American Tower Co. (NYSE:AMT)

Stonebridge Financial Group LLC bought a new stake in shares of American Tower Co. (NYSE:AMT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,292 shares of the real estate investment trust’s stock, valued at approximately $1,704,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC grew its position in shares of American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares during the period. Northwest Investment Counselors LLC purchased a new position in American Tower during the third quarter valued at $30,000. Hara Capital LLC bought a new stake in American Tower during the third quarter valued at about $31,000. Legacy Investment Solutions LLC purchased a new stake in American Tower in the third quarter worth about $34,000. Finally, Activest Wealth Management raised its stake in shares of American Tower by 431.0% in the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 125 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Up 0.5 %

Shares of AMT opened at $189.85 on Tuesday. The business’s 50 day simple moving average is $188.44 and its 200-day simple moving average is $209.63. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market capitalization of $88.71 billion, a price-to-earnings ratio of 80.10, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were paid a $1.62 dividend. The ex-dividend date was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.41%. American Tower’s payout ratio is currently 273.42%.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. The trade was a 20.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AMT. Wells Fargo & Company cut their price objective on American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Mizuho lowered their target price on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Scotiabank cut their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday, January 23rd. Finally, BMO Capital Markets lowered their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $226.23.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.