American Tower Corporation $AMT Shares Sold by Syntax Research Inc.

Syntax Research Inc. lessened its holdings in shares of American Tower Corporation (NYSE:AMT) by 91.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 409 shares of the real estate investment trust’s stock after selling 4,427 shares during the period. Syntax Research Inc.’s holdings in American Tower were worth $67,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. BlackRock Inc. bought a new stake in American Tower during the 2nd quarter worth approximately $7,490,943,000. State Street Corp raised its holdings in American Tower by 2.9% during the 2nd quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust’s stock worth $3,647,491,000 after buying an additional 631,593 shares during the period. Lazard Asset Management LLC raised its holdings in American Tower by 20.4% during the 1st quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock worth $1,264,311,000 after buying an additional 1,240,780 shares during the period. Deutsche Bank AG bought a new position in American Tower in the second quarter valued at approximately $1,096,186,000. Finally, Legal & General Group Plc lifted its stake in American Tower by 0.6% in the second quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust’s stock valued at $793,944,000 after buying an additional 27,929 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Up 0.1%

NYSE:AMT opened at $188.98 on Tuesday. The stock has a 50-day simple moving average of $177.51 and a 200 day simple moving average of $177.70. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $202.50. The company has a market cap of $88.06 billion, a PE ratio of 26.65, a PEG ratio of 3.52 and a beta of 0.85. The company has a debt-to-equity ratio of 3.30, a quick ratio of 0.51 and a current ratio of 0.51.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, meeting the consensus estimate of $1.64. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the previous year, the business posted $2.78 EPS. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts expect that American Tower Corporation will post 10.80 EPS for the current fiscal year.

American Tower Dividend Announcement

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

American Tower announced that its board has initiated a share repurchase plan on Tuesday, October 27th that authorizes the company to buy back $2 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Share repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have recently weighed in on AMT shares. JPMorgan Chase & Co. reduced their price target on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. Scotiabank restated an “outperform” rating on shares of American Tower in a report on Wednesday, July 29th. Jefferies Financial Group dropped their price objective on shares of American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $205.00 price objective on shares of American Tower in a research report on Wednesday, October 28th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of American Tower in a research note on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $216.11.

Insider Buying and Selling

In related news, EVP Ruth T. Dowling sold 952 shares of the firm’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $185.81, for a total value of $176,891.12. Following the completion of the transaction, the executive vice president owned 26,133 shares of the company’s stock, valued at approximately $4,855,772.73. This trade represents a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur bought 2,829 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was acquired at an average cost of $177.00 per share, with a total value of $500,733.00. Following the transaction, the director owned 7,765 shares of the company’s stock, valued at $1,374,405. This represents a 57.31% increase in their position. The disclosure for this purchase is available in the SEC filing. 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.