American Tower Corporation $AMT Stock: Northeast Investment Management Cuts Position

Key Points

• Northeast Investment Management cut its American Tower stake by 15.6% in the third quarter, selling 21,281 shares and retaining 114,907 shares valued at about $18.8 million.
• American Tower reported quarterly EPS of $1.64, matching estimates, while revenue of $2.79 billion exceeded forecasts and rose 2.5% year over year. The company also authorized a $2 billion share-repurchase plan.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $216.44; the company’s annualized dividend was $7.16 per share, a yield of about 3.7%.

Northeast Investment Management reduced its position in American Tower Corporation (NYSE:AMT - Free Report) by 15.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,907 shares of the real estate investment trust's stock after selling 21,281 shares during the period. Northeast Investment Management's holdings in American Tower were worth $18,809,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in American Tower during the second quarter valued at approximately $7,490,943,000. State Street Corp grew its stake 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 worth $3,647,491,000 after buying an additional 631,593 shares during the period. Lazard Asset Management LLC grew its stake 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 worth $1,264,311,000 after buying an additional 1,240,780 shares during the period. Deutsche Bank AG acquired a new stake in shares of American Tower in the second quarter worth $1,096,186,000. Finally, Legal & General Group Plc increased 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 acquiring an additional 27,929 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Activity

In other American Tower news, Director Rajesh Kalathur bought 2,829 shares of the company's stock in a transaction dated Friday, August 21st. The shares were acquired 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 in the company, valued at $1,374,405. The trade was a 57.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 value of $176,891.12. Following the completion of the transaction, the executive vice president owned 26,133 shares in the company, valued at approximately $4,855,772.73. This trade represents a 3.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced 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. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a research report on Tuesday, October 27th. Mizuho set a $208.00 price target on American Tower in a report on Thursday, August 20th. TD Cowen raised their price objective on American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, BMO Capital Markets boosted their price objective 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. One 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $216.44.

American Tower Price Performance

Shares of AMT stock opened at $195.16 on Thursday. The company has a market capitalization of $90.93 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 3.38 and a beta of 0.85. The firm has a fifty day simple moving average of $176.60 and a 200-day simple moving average of $177.54. 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 twelve month low of $160.06 and a twelve month 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 for the quarter, meeting analysts' consensus estimates of $1.64. American Tower had a net margin of 30.10% and a return on equity of 32.71%. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the business earned $2.78 EPS. The business's revenue was up 2.5% on a year-over-year basis. Equities research analysts anticipate 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 initiated a share buyback plan on Tuesday, October 27th that allows the company to buy back $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 of directors believes its stock is undervalued.

American Tower Announces Dividend

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

American Tower Company 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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