American Tower Corporation $AMT Stock: Calamos Advisors LLC Boosts Stake

Calamos Advisors LLC grew its stake in shares of American Tower Corporation (NYSE:AMT) by 44.8% during the 3rd quarter, Holdings Channel reports. The firm owned 95,977 shares of the real estate investment trust’s stock after buying an additional 29,701 shares during the period. Calamos Advisors LLC’s holdings in American Tower were worth $15,710,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of American Tower during the 2nd quarter worth approximately $7,490,943,000. Deutsche Bank AG bought a new position in shares of American Tower in the second quarter valued at $1,096,186,000. Bank of America Corp DE bought a new position in shares of American Tower in the second quarter valued at $638,829,000. Bank of New York Mellon Corp acquired a new position in American Tower during the second quarter worth $500,016,000. Finally, Ontario Teachers Pension Plan Board acquired a new position in American Tower during the second quarter worth $291,867,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In related news, Director Rajesh Kalathur acquired 2,829 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were bought at an average cost of $177.00 per share, with a total value of $500,733.00. Following the completion of the transaction, the director directly 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 acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ruth Dowling sold 952 shares of the stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $185.81, for a total transaction of $176,891.12. Following the completion of the transaction, the executive vice president directly owned 26,133 shares in the company, valued at $4,855,772.73. The trade was a 3.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $205.00 price target on shares of American Tower in a research report on Wednesday, October 28th. Barclays lifted 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. Citigroup lowered their price objective on shares of American Tower from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Jefferies Financial Group dropped their target price 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. Finally, Argus reaffirmed a “buy” rating and issued a $210.00 target price on shares of American Tower in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $216.11.

American Tower Stock Performance

Shares of NYSE AMT opened at $188.81 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.30. The company has a market capitalization of $87.98 billion, a P/E ratio of 26.63, a P/E/G ratio of 3.41 and a beta of 0.85. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $202.50. The stock has a 50 day moving average of $177.26 and a 200-day moving average of $177.65.

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

American Tower announced that its Board of Directors has initiated a stock buyback program on Tuesday, October 27th that authorizes the company to repurchase $2 billion in shares. This buyback authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

American Tower Announces Dividend

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

American Tower Company Profile

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.