American Tower Corporation $AMT Shares Purchased by King Luther Capital Management Corp

King Luther Capital Management Corp increased its stake in American Tower Corporation (NYSE:AMT) by 45.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 279,709 shares of the real estate investment trust’s stock after buying an additional 87,594 shares during the quarter. King Luther Capital Management Corp’s holdings in American Tower were worth $45,786,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Aew Capital Management Inc. purchased a new position in American Tower during the 3rd quarter valued at about $303,000. New Mexico Educational Retirement Board increased its position in shares of American Tower by 9.0% during the third quarter. New Mexico Educational Retirement Board now owns 25,368 shares of the real estate investment trust’s stock valued at $4,478,000 after buying an additional 2,100 shares during the period. Ritholtz Wealth Management lifted its holdings in shares of American Tower by 10.5% in the third quarter. Ritholtz Wealth Management now owns 10,980 shares of the real estate investment trust’s stock worth $1,797,000 after buying an additional 1,040 shares in the last quarter. UNIVEST FINANCIAL Corp lifted its holdings in shares of American Tower by 2.2% in the third quarter. UNIVEST FINANCIAL Corp now owns 64,310 shares of the real estate investment trust’s stock worth $10,527,000 after buying an additional 1,399 shares in the last quarter. Finally, Joel Isaacson & Co. LLC boosted its position in shares of American Tower by 9.2% in the third quarter. Joel Isaacson & Co. LLC now owns 6,776 shares of the real estate investment trust’s stock valued at $1,109,000 after acquiring an additional 573 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at American Tower

In related news, EVP Ruth T. Dowling sold 952 shares of the company’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 directly owned 26,133 shares in the company, valued at approximately $4,855,772.73. The trade was a 3.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur bought 2,829 shares of American Tower stock in a transaction that occurred on Friday, August 21st. The stock was purchased at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the purchase, the director owned 7,765 shares of the company’s stock, valued at $1,374,405. The trade was a 57.31% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.08% of the company’s stock.

American Tower Stock Performance

NYSE:AMT opened at $190.29 on Thursday. The business’s 50-day moving average price is $178.09 and its two-hundred day moving average price is $177.83. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $202.50. The stock has a market cap of $88.25 billion, a P/E ratio of 26.84, a PEG ratio of 3.43 and a beta of 0.85. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.30.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share (EPS) 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 firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the company posted $2.78 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities analysts predict that American Tower Corporation will post 10.80 EPS for the current fiscal year.

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

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th were given a dividend of $1.79 per share. 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%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on AMT shares. Sanford C. Bernstein reduced their price objective on shares of American Tower from $214.00 to $212.00 and set an “outperform” rating for the company in a research note on Tuesday, October 20th. TD Cowen increased their target price 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. BMO Capital Markets raised their price target on shares of American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Royal Bank Of Canada restated an “outperform” rating and set a $205.00 price target on shares of American Tower in a research report on Wednesday, October 28th. Finally, Weiss Ratings lowered shares of American Tower from a “hold (c)” rating to a “sell (d+)” rating in a research report on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $216.11.

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.