38,298 Shares in American Tower Corporation $AMT Bought by Cornerstone Advisors LLC

Cornerstone Advisors LLC purchased a new position in American Tower Corporation (NYSE:AMT) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 38,298 shares of the real estate investment trust’s stock, valued at approximately $6,269,000.

Several other institutional investors also recently modified their holdings of AMT. Aberdeen Group plc grew its holdings in shares of American Tower by 143.6% in the 3rd quarter. Aberdeen Group plc now owns 2,163,938 shares of the real estate investment trust’s stock worth $354,215,000 after acquiring an additional 1,275,701 shares during the last quarter. Moors & Cabot Inc. raised its position in shares of American Tower by 144.4% during the third quarter. Moors & Cabot Inc. now owns 4,929 shares of the real estate investment trust’s stock worth $807,000 after purchasing an additional 2,912 shares during the period. ICICI Prudential Asset Management Co Ltd acquired a new stake in shares of American Tower during the third quarter worth $4,548,000. Money Concepts Capital Corp purchased a new stake in shares of American Tower during the third quarter valued at $939,000. Finally, Marble Harbor Investment Counsel LLC purchased a new stake in shares of American Tower during the third quarter valued at $5,198,000. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 1.0%

NYSE AMT opened at $191.67 on Friday. The firm’s 50 day moving average price is $178.72 and its two-hundred day moving average price is $177.94. 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 Corporation has a twelve month low of $160.06 and a twelve month high of $202.50. The stock has a market cap of $88.89 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 3.42 and a beta of 0.85.

American Tower (NYSE:AMT) last released its 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. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.78 earnings per share. Equities analysts anticipate that American Tower Corporation will post 10.80 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were given a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Wednesday, September 30th. American Tower’s payout ratio is presently 100.99%.

American Tower announced that its board has approved a stock repurchase 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 reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AMT shares. Mizuho set a $208.00 price target on American Tower in a research report on Thursday, August 20th. Royal Bank Of Canada reissued an “outperform” rating and issued a $205.00 price target on shares of American Tower in a research note on Wednesday, October 28th. Citigroup cut their price objective on American Tower from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. Barclays upped their price objective on shares of American Tower from $198.00 to $199.00 and gave the company an “overweight” rating in a research note on Wednesday, September 30th. Finally, JPMorgan Chase & Co. decreased their target price 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. 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $216.11.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Ruth T. 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 owned 26,133 shares of the company’s stock, valued at $4,855,772.73. The trade was a 3.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 stock in a transaction on Friday, August 21st. The shares were acquired 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 in the company, valued at approximately $1,374,405. This 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 currently owned by 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.