29,701 American Tower Corporation $AMT Shares Acquired by Calamos Advisors LLC

Key Points

• Calamos Advisors increased its American Tower stake by 44.8% in the third quarter, adding 29,701 shares to hold 95,977 shares valued at about $15.7 million. Institutional investors collectively own 92.69% of the stock.
• American Tower matched quarterly EPS estimates at $1.64 and beat revenue expectations, reporting $2.79 billion in revenue, up 2.5% year over year.
• The company authorized a $2 billion share repurchase program and pays an annualized dividend of $7.16 per share (a 3.8% yield). Analysts’ average rating is “Moderate Buy,” with an average price target of $216.11.

Calamos Advisors LLC boosted its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 44.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 95,977 shares of the real estate investment trust's stock after acquiring 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 filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Operose Advisors LLC acquired a new stake in shares of American Tower during the second quarter worth about $25,000. Allied Private Wealth LLC bought a new position in shares of American Tower during the 2nd quarter valued at about $29,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of American Tower during the 2nd quarter valued at about $33,000. SBI Securities Co. Ltd. acquired a new position in shares of American Tower in the 3rd quarter valued at approximately $35,000. Finally, Kelleher Financial Advisors acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $37,000. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Ruth T. Dowling sold 952 shares of the business'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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,829 shares of the business's stock in a transaction dated Friday, August 21st. The stock was acquired at an average cost of $177.00 per share, for a total transaction 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.08% of the company's stock.

American Tower Stock Down 2.7%

AMT stock opened at $188.81 on Friday. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.51 and a quick ratio of 0.51. The stock 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. The business has a 50-day moving average of $177.26 and a 200-day moving average of $177.65. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $202.50.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share (EPS) for the quarter, hitting 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 during the quarter, compared to the consensus estimate of $2.76 billion. During the same period last year, the company earned $2.78 earnings per share. American Tower's quarterly revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts anticipate that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

American Tower declared that its board has approved a share buyback program on Tuesday, October 27th that allows the company to repurchase $2 billion in shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Wednesday, September 30th were given a dividend of $1.79 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.16 dividend on an annualized basis and a yield of 3.8%. American Tower's dividend payout ratio is 100.99%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AMT. Argus reissued a "buy" rating and set a $210.00 target price on shares of American Tower in a research note on Thursday. Weiss Ratings raised shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, October 23rd. Sanford C. Bernstein reduced their price target on shares of American Tower from $214.00 to $212.00 and set an "outperform" rating for the company in a report on Tuesday, October 20th. Citigroup reduced their price target on shares of American Tower from $225.00 to $220.00 and set a "buy" rating for the company in a report on Wednesday, October 28th. Finally, Truist Financial increased their price objective on shares of American Tower from $207.00 to $210.00 and gave the stock a "buy" rating in a research report on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and an average price target of $216.11.

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.

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