American Tower Corporation $AMT Stock: Brighton Jones LLC Grows Stake

Key Points

• Brighton Jones LLC increased its American Tower stake by 83.4% in the third quarter, adding 9,755 shares to reach 21,455 shares valued at about $3.51 million. Institutional investors collectively own 92.69% of the company.
• American Tower’s latest quarter met earnings expectations at $1.64 per share, while revenue of $2.79 billion topped estimates and rose 2.5% year over year. The board also authorized a $2 billion share repurchase program.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $216.11. The company’s quarterly dividend is $1.79 per share, equivalent to a 3.8% yield at the article’s cited share price.

Brighton Jones LLC lifted its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 83.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,455 shares of the real estate investment trust's stock after purchasing an additional 9,755 shares during the period. Brighton Jones LLC's holdings in American Tower were worth $3,512,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new stake in American Tower in the second quarter worth $7,490,943,000. State Street Corp raised its holdings in American Tower by 2.9% during the second quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust's stock valued at $3,647,491,000 after buying an additional 631,593 shares in the last quarter. Lazard Asset Management LLC raised its holdings in American Tower by 20.4% during the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust's stock valued at $1,264,311,000 after buying an additional 1,240,780 shares in the last quarter. Deutsche Bank AG bought a new position in American Tower during the second quarter valued at about $1,096,186,000. Finally, Legal & General Group Plc lifted its position in shares of American Tower by 0.6% in the second quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust's stock worth $793,944,000 after buying an additional 27,929 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Activity at American Tower

In related news, EVP Ruth Dowling sold 952 shares of the stock in a transaction that occurred on Thursday, October 29th. The stock was 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 through this link. 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 stock was acquired at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the acquisition, the director directly owned 7,765 shares in the company, valued at approximately $1,374,405. The trade was 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 owned by corporate insiders.

Wall Street Analysts Forecast Growth

AMT has been the subject of several recent analyst reports. BMO Capital Markets upped their price target on American Tower from $190.00 to $195.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 29th. Scotiabank reissued an "outperform" rating on shares of American Tower in a research note on Wednesday, July 29th. Barclays raised their price objective on American Tower from $198.00 to $199.00 and gave the company an "overweight" rating in a research note on Wednesday, September 30th. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a report on Tuesday, October 27th. Finally, Sanford C. Bernstein decreased their target price on American Tower from $214.00 to $212.00 and set an "outperform" rating for the company in a research report on Tuesday, October 20th. One equities 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 company. Based on data from MarketBeat.com, American Tower presently has a consensus rating of "Moderate Buy" and an average price target of $216.11.

American Tower Stock Up 0.0%

American Tower stock opened at $188.81 on Monday. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.51 and a quick 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. The firm has a fifty day moving average price of $177.26 and a two-hundred day moving average price of $177.65. The firm has a market cap of $87.98 billion, a price-to-earnings ratio of 26.63, a P/E/G ratio of 3.41 and a beta of 0.85.

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 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.64. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The firm's revenue was up 2.5% compared to the same quarter last year. During the same period last year, the business posted $2.78 earnings per share. As a group, analysts forecast that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower announced that its Board of Directors has initiated a stock repurchase program on Tuesday, October 27th that authorizes the company to buy back $2 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

American Tower Announces Dividend

The firm also recently disclosed 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 dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, September 30th. American Tower's payout ratio is currently 100.99%.

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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