American Tower Corporation $AMT Holdings Decreased by M&G PLC

M&G PLC lessened its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 24.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 805,044 shares of the real estate investment trust's stock after selling 256,405 shares during the period. M&G PLC owned about 0.17% of American Tower worth $132,027,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of AMT. Sound Income Strategies LLC lifted its stake in American Tower by 14.5% in the 3rd quarter. Sound Income Strategies LLC now owns 118,811 shares of the real estate investment trust's stock valued at $19,809,000 after purchasing an additional 15,083 shares during the last quarter. BIP Wealth LLC bought a new position in American Tower during the second quarter worth about $1,004,000. Groupe la Francaise grew its holdings in American Tower by 319.0% during the second quarter. Groupe la Francaise now owns 33,505 shares of the real estate investment trust's stock worth $5,481,000 after purchasing an additional 25,508 shares during the period. Fenimore Asset Management Inc acquired a new position in American Tower during the third quarter worth approximately $15,446,000. Finally, Kingsview Wealth Management LLC acquired a new position in American Tower during the second quarter worth approximately $3,373,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

NYSE:AMT opened at $188.98 on Tuesday. The stock has a fifty day moving average price of $177.51 and a 200-day moving average price of $177.70. The company has a market cap of $88.06 billion, a price-to-earnings ratio of 26.65, a PEG ratio of 3.52 and a beta of 0.85. 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 fifty-two week low of $160.06 and a fifty-two week high of $202.50.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, hitting analysts' consensus estimates of $1.64. The company had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.76 billion. American Tower had a return on equity of 32.71% and a net margin of 30.10%. American Tower's revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the business earned $2.78 earnings per share. As a group, equities analysts anticipate that American Tower Corporation will post 10.80 EPS for the current fiscal year.

American Tower announced that its board has authorized a stock repurchase 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 purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

American Tower Dividend Announcement

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

Insider Activity

In other American Tower news, EVP Ruth Dowling sold 952 shares of the firm's stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $185.81, for a total value of $176,891.12. Following the transaction, the executive vice president directly owned 26,133 shares of the company's stock, valued at $4,855,772.73. This trade represents a 3.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 bought 2,829 shares of the company's stock in a transaction dated Friday, August 21st. The stock was purchased at an average price of $177.00 per share, with a total value of $500,733.00. Following the completion of the transaction, the director directly owned 7,765 shares in the company, valued at approximately $1,374,405. This represents a 57.31% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AMT. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a research note on Tuesday, October 27th. Citigroup reduced their target price on American Tower from $225.00 to $220.00 and set a "buy" rating for the company in a research note on Wednesday, October 28th. Sanford C. Bernstein decreased their target price on American Tower from $214.00 to $212.00 and set an "outperform" rating on the stock in a report on Tuesday, October 20th. TD Cowen increased their price target on American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. cut their price target on 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 assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.

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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