American Tower Corporation $AMT Stock Holdings Lowered by Schmidt P J Investment Management Inc.

Key Points

• Schmidt P J Investment Management cut its American Tower stake by 76.6% in the third quarter, selling 9,036 shares and retaining 2,763 shares valued at about $452,000.
• American Tower reported quarterly EPS of $1.64, matching expectations, while revenue of $2.79 billion topped estimates and grew 2.5% year over year. The board also authorized a $2 billion share buyback.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $216.11. The company announced an annualized dividend of $7.16 per share, equivalent to a 3.7% yield.

Schmidt P J Investment Management Inc. lowered its position in American Tower Corporation (NYSE:AMT - Free Report) by 76.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,763 shares of the real estate investment trust's stock after selling 9,036 shares during the period. Schmidt P J Investment Management Inc.'s holdings in American Tower were worth $452,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new position in American Tower during the second quarter worth about $7,490,943,000. State Street Corp increased its holdings in shares of American Tower by 2.9% in the second quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust's stock worth $3,647,491,000 after acquiring an additional 631,593 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of 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 worth $1,264,311,000 after purchasing an additional 1,240,780 shares during the period. Deutsche Bank AG acquired a new stake in shares of American Tower during the second quarter worth about $1,096,186,000. Finally, Legal & General Group Plc lifted its holdings in shares of American Tower by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust's stock valued at $793,944,000 after purchasing an additional 27,929 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Transactions at American Tower

In other news, Director Rajesh Kalathur purchased 2,829 shares of American Tower stock in a transaction on 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 transaction, the director directly owned 7,765 shares in the company, valued at $1,374,405. The trade was a 57.31% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Ruth T. Dowling sold 952 shares of the company's stock in a transaction that occurred on Thursday, October 29th. The stock was 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 approximately $4,855,772.73. This trade represents a 3.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on AMT shares. The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research report on Tuesday, October 27th. Sanford C. Bernstein lowered their target price on American Tower from $214.00 to $212.00 and set an "outperform" rating for the company in a research note on Tuesday, October 20th. JPMorgan Chase & Co. dropped their target price on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, October 28th. Scotiabank reaffirmed an "outperform" rating on shares of American Tower in a research note on Wednesday, July 29th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $205.00 price target on shares of American Tower in a report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $216.11.

American Tower Price Performance

Shares of NYSE AMT opened at $194.13 on Friday. The company has a fifty day moving average price of $176.97 and a 200 day moving average price of $177.59. The firm has a market cap of $90.46 billion, a PE ratio of 27.38, a PEG ratio of 3.52 and a beta of 0.85. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.30. American Tower Corporation has a 1-year low of $160.06 and a 1-year 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 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.64. The firm 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 company's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $2.78 EPS. Research analysts predict that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

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

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were issued 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 3.7%. American Tower's dividend payout ratio (DPR) is presently 100.99%.

About American Tower

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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