7,110 American Tower Corporation $AMT Shares Sold by Lockheed Martin Investment Management Co.

Lockheed Martin Investment Management Co. lessened its stake in shares of American Tower Corporation (NYSE:AMT) by 32.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,740 shares of the real estate investment trust’s stock after selling 7,110 shares during the period. Lockheed Martin Investment Management Co.’s holdings in American Tower were worth $2,413,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC grew its stake in American Tower by 14.5% during the third quarter. Sound Income Strategies LLC now owns 118,811 shares of the real estate investment trust’s stock worth $19,809,000 after buying an additional 15,083 shares in the last quarter. BIP Wealth LLC acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $1,004,000. Groupe la Francaise raised its position in shares of American Tower by 319.0% in the 2nd quarter. Groupe la Francaise now owns 33,505 shares of the real estate investment trust’s stock valued at $5,481,000 after buying an additional 25,508 shares in the last quarter. Fenimore Asset Management Inc acquired a new position in shares of American Tower in the 3rd quarter valued at approximately $15,446,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of American Tower during the 2nd quarter worth approximately $3,373,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Performance

American Tower stock opened at $188.98 on Tuesday. The business has a 50 day moving average of $177.51 and a 200-day moving average of $177.70. The company has a market capitalization of $88.06 billion, a P/E ratio of 26.65, a P/E/G ratio of 3.52 and a beta of 0.85. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $202.50. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.51 and a quick ratio of 0.51.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, hitting the consensus estimate of $1.64. American Tower had a net margin of 30.10% and a return on equity of 32.71%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period last year, the company earned $2.78 EPS. The firm’s revenue was up 2.5% compared to the same quarter last year. On average, equities research analysts predict that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th were paid a dividend of $1.79 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.16 annualized dividend and a dividend yield of 3.8%. American Tower’s dividend payout ratio (DPR) is presently 100.99%.

American Tower declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 27th that authorizes the company to buy back $2 billion in shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Share buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AMT. Royal Bank Of Canada reiterated an “outperform” rating and set a $205.00 price target on shares of American Tower in a research report on Wednesday, October 28th. Barclays boosted their price objective on shares of American Tower from $198.00 to $199.00 and gave the company an “overweight” rating in a research report on Wednesday, September 30th. The Goldman Sachs Group restated a “buy” rating on shares of American Tower in a research note on Tuesday, October 27th. Truist Financial raised their target price on American Tower from $207.00 to $210.00 and gave the company a “buy” rating in a report on Friday, October 30th. Finally, Citigroup decreased their price target on American Tower from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $216.11.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Ruth Dowling sold 952 shares of American Tower stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $185.81, for a total transaction of $176,891.12. Following the transaction, the executive vice president directly owned 26,133 shares of the company’s stock, valued at approximately $4,855,772.73. The trade was a 3.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,829 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the completion of the purchase, the director owned 7,765 shares of the company’s stock, valued at $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.08% of the stock is owned by company insiders.

About American Tower

American Tower Corporation is a real estate investment trust that owns, operates and develops communications infrastructure. Its portfolio includes wireless and broadcast communications sites, such as towers and rooftop installations, where mobile network operators and other customers place antennas and related equipment.

The company also provides services related to site acquisition, development, construction and maintenance. Through its CoreSite business, American Tower operates data centers and provides colocation and interconnection services.

Founded in 1995 and headquartered in Boston, American Tower serves customers in the United States and in markets across Africa, Asia-Pacific, Europe and Latin America.