82,989 Shares in American Tower Corporation $AMT Bought by Conestoga Capital Advisors LLC

Key Points

• Conestoga Capital Advisors initiated a position in American Tower, buying 82,989 shares in the third quarter valued at approximately $13.6 million. Institutional investors and hedge funds collectively own 92.69% of the stock.
• American Tower reported quarterly EPS of $1.64, matching estimates, while revenue of $2.79 billion exceeded expectations and rose 2.5% year over year. The company also authorized up to $2 billion in share repurchases.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $216.44. The REIT’s annualized dividend is $7.16 per share, representing a stated yield of 3.7%.

Conestoga Capital Advisors LLC purchased a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 82,989 shares of the real estate investment trust's stock, valued at approximately $13,584,000.

Several other hedge funds also recently made changes to their positions in AMT. Operose Advisors LLC bought a new position in shares of American Tower in the second quarter valued at $25,000. Allied Private Wealth LLC acquired a new stake in American Tower during the 2nd quarter worth about $29,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in American Tower during the second quarter valued at approximately $33,000. SBI Securities Co. Ltd. acquired a new position in shares of American Tower in the third quarter worth $35,000. Finally, Kelleher Financial Advisors acquired a new position in American Tower in the 2nd quarter worth about $37,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Insiders Place Their Bets

In other news, Director Rajesh Kalathur purchased 2,829 shares of the company's stock in a transaction on Friday, August 21st. The shares were purchased 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 owned 7,765 shares of the company's stock, valued at $1,374,405. The trade was a 57.31% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ruth Dowling sold 952 shares of the business'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. This represents 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 currently owned by insiders.

Wall Street Analysts Forecast Growth

AMT has been the subject of several analyst reports. 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. Scotiabank reissued an "outperform" rating on shares of American Tower in a report on Wednesday, July 29th. Jefferies Financial Group dropped their target price on American Tower from $210.00 to $201.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $205.00 price objective on shares of American Tower in a research report on Wednesday, October 28th. Finally, JPMorgan Chase & Co. cut their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $216.44.

American Tower Price Performance

Shares of NYSE AMT opened at $195.16 on Thursday. 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 firm has a market cap of $90.93 billion, a PE ratio of 16.95, a PEG ratio of 3.38 and a beta of 0.85. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $202.50. The company has a fifty day moving average price of $176.60 and a 200 day moving average price of $177.54.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, meeting the consensus estimate 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 for the quarter, compared to analysts' expectations of $2.76 billion. During the same quarter in the previous year, the business posted $2.78 EPS. The business's quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts predict that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

American Tower announced that its board has initiated a share buyback plan on Tuesday, October 27th that allows the company to repurchase $2 billion in shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Share repurchase plans are typically an indication that the company's board believes its stock is undervalued.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Wednesday, September 30th were paid a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Wednesday, September 30th. American Tower's dividend payout ratio (DPR) is currently 100.99%.

American Tower Profile

American Tower Corporation NYSE: AMT is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftop sites, distributed antenna systems and other infrastructure used by wireless carriers, broadcasters, governments and businesses to support voice, data and video communications.

The company leases space on its sites to multiple customers, allowing them to install antennas and related equipment without building and maintaining individual tower locations.

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