5,385 Shares in American Tower Corporation $AMT Bought by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC bought a new stake in American Tower Corporation (NYSE:AMT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 5,385 shares of the real estate investment trust’s stock, valued at approximately $881,000.

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

American Tower Price Performance

American Tower stock opened at $188.81 on Monday. American Tower Corporation has a one year low of $160.06 and a one year high of $202.50. The company has a debt-to-equity ratio of 3.30, a quick ratio of 0.51 and a current ratio of 0.51. The business has a fifty day moving average of $177.26 and a two-hundred day moving average of $177.65. The company has a market cap of $87.98 billion, a P/E ratio of 26.63, a price-to-earnings-growth ratio of 3.41 and a beta of 0.85.

American Tower (NYSE:AMT) last issued 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 company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the previous year, the firm earned $2.78 EPS. The business’s revenue was up 2.5% on a year-over-year basis. As a group, analysts predict that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were paid a $1.79 dividend. The ex-dividend date 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 100.99%.

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

Analyst Upgrades and Downgrades

AMT has been the subject of several recent analyst reports. Weiss Ratings cut shares of American Tower from a “hold (c)” rating to a “sell (d+)” rating in a research note on Wednesday. TD Cowen boosted their price target on shares of American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada reissued an “outperform” rating and set a $205.00 price target on shares of American Tower in a report on Wednesday, October 28th. Barclays increased their price target on shares of American Tower from $198.00 to $199.00 and gave the stock an “overweight” rating in a report on Wednesday, September 30th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $216.11.

Insider Activity

In related news, Director Rajesh Kalathur acquired 2,829 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average price of $177.00 per share, with a total value of $500,733.00. Following the completion of the acquisition, the director owned 7,765 shares in the company, valued at approximately $1,374,405. This represents a 57.31% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ruth Dowling sold 952 shares of the company’s 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 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by company insiders.

American Tower 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.