American Tower Corporation $AMT Shares Newly Purchased by StoneRidge PMG Advisors LLC

Key Points

• StoneRidge PMG Advisors initiated a position in American Tower, buying 5,385 shares worth about $881,000 in the third quarter. Institutional investors and hedge funds collectively own 92.69% of the stock.
• American Tower matched quarterly EPS estimates at $1.64 and exceeded revenue estimates with $2.79 billion, up 2.5% year over year. Its board also authorized a $2 billion share-repurchase plan.
• The REIT pays an annualized dividend of $7.16 per share, a 3.8% yield. Analysts’ consensus rating is “Moderate Buy,” with a consensus price target of $216.11.

StoneRidge PMG Advisors LLC acquired a new stake in American Tower Corporation (NYSE:AMT - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 5,385 shares of the real estate investment trust's stock, valued at approximately $881,000.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Operose Advisors LLC acquired a new stake in American Tower in the second quarter valued at approximately $25,000. Allied Private Wealth LLC acquired a new position in American Tower during the 2nd quarter worth approximately $29,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of American Tower in the 2nd quarter valued at approximately $33,000. SBI Securities Co. Ltd. acquired a new stake in shares of American Tower in the 3rd quarter valued at $35,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of American Tower in the 2nd quarter valued at $37,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Ruth T. Dowling sold 952 shares of the stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $185.81, for a total transaction of $176,891.12. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur purchased 2,829 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were acquired at an average price of $177.00 per share, with a total value of $500,733.00. Following the purchase, the director owned 7,765 shares in the company, valued at $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.08% of the company's stock.

American Tower Trading Up 0.0%

NYSE:AMT opened at $188.81 on Monday. The stock's 50 day moving average price is $177.26 and its 200 day moving average price is $177.65. The company has a market capitalization of $87.98 billion, a PE ratio of 26.63, a P/E/G ratio of 3.41 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 Corporation has a 52-week low of $160.06 and a 52-week high of $202.50.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, hitting the consensus estimate of $1.64. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the previous year, the company posted $2.78 earnings per share. The firm's revenue was up 2.5% compared to the same quarter last year. On average, research analysts anticipate that American Tower Corporation will post 10.80 EPS for the current year.

American Tower announced that its Board of Directors has approved a share repurchase 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 purchase shares of its stock through open market purchases. Share repurchase plans are generally a sign that the company's board believes its stock is undervalued.

American Tower Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 3.8%. American Tower's dividend payout ratio (DPR) is 100.99%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a research report on Tuesday, October 27th. Argus reissued a "buy" rating and issued a $210.00 target price on shares of American Tower in a report on Thursday. Royal Bank Of Canada reissued an "outperform" rating and issued a $205.00 target price on shares of American Tower in a report on Wednesday, October 28th. Scotiabank restated an "outperform" rating on shares of American Tower in a research note on Wednesday, July 29th. Finally, Jefferies Financial Group decreased their price target on American Tower from $210.00 to $201.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. One research 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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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