American Tower Corporation $AMT Stock Position Reduced by University of Texas Texas AM Investment Management Co.

Key Points

• University of Texas Texas AM Investment Management Co. cut its American Tower stake by 95.8% in the third quarter, selling 9,994 shares and retaining 435 shares valued at about $71,000. Institutional investors collectively own 92.69% of the stock.
• American Tower reported quarterly EPS of $1.64, matching consensus, while revenue of $2.79 billion topped expectations and rose 2.5% year over year. The board also authorized a $2 billion share-repurchase program.
• The company’s quarterly dividend was $1.79 per share, equivalent to a 3.8% yield at the article’s cited stock price. Analysts’ consensus rating was “Moderate Buy,” with a $216.11 average price target.

University of Texas Texas AM Investment Management Co. lowered its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 95.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 435 shares of the real estate investment trust's stock after selling 9,994 shares during the quarter. University of Texas Texas AM Investment Management Co.'s holdings in American Tower were worth $71,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AMT. Dynamic Wealth Strategies LLC raised its position in shares of American Tower by 11.1% during the 3rd quarter. Dynamic Wealth Strategies LLC now owns 549 shares of the real estate investment trust's stock valued at $90,000 after purchasing an additional 55 shares during the period. TOWER TRUST & INVESTMENT Co lifted its stake in shares of American Tower by 1.2% during the 3rd quarter. TOWER TRUST & INVESTMENT Co now owns 5,002 shares of the real estate investment trust's stock valued at $819,000 after buying an additional 58 shares in the last quarter. Pinnacle Bancorp Inc. boosted its holdings in American Tower by 1.3% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 4,491 shares of the real estate investment trust's stock worth $736,000 after buying an additional 59 shares during the period. William Allan Corp boosted its holdings in American Tower by 4.7% in the 3rd quarter. William Allan Corp now owns 1,391 shares of the real estate investment trust's stock worth $228,000 after buying an additional 62 shares during the period. Finally, Quest 10 Wealth Builders Inc. boosted its holdings in American Tower by 25.3% in the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 312 shares of the real estate investment trust's stock worth $51,000 after buying an additional 63 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Rajesh Kalathur purchased 2,829 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average cost of $177.00 per share, with a total value of $500,733.00. Following the completion of the purchase, the director owned 7,765 shares in the company, valued at approximately $1,374,405. This represents a 57.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ruth T. Dowling sold 952 shares of the firm's stock in a transaction that occurred on 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 owned 26,133 shares of the company's stock, valued at $4,855,772.73. This 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. Insiders own 0.08% of the company's stock.

American Tower Stock Performance

AMT opened at $188.98 on Tuesday. The company has a debt-to-equity ratio of 3.30, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market capitalization 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 fifty day moving average of $177.51 and a 200 day moving average of $177.70. 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 announced 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 net margin of 30.10% and a return on equity of 32.71%. The business had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.76 billion. During the same quarter in the previous year, the company earned $2.78 EPS. The business's quarterly revenue was up 2.5% compared to the same quarter last year. As a group, sell-side analysts forecast that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

American Tower declared that its board has authorized 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 reacquire shares of its stock through open market purchases. Share repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th were issued a $1.79 dividend. 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 100.99%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Scotiabank reissued an "outperform" rating on shares of American Tower in a report on Wednesday, July 29th. Truist Financial upped their price objective on American Tower from $207.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, October 30th. Argus reaffirmed a "buy" rating and issued a $210.00 price objective on shares of American Tower in a research note on Thursday, November 5th. Jefferies Financial Group cut their target price on American Tower from $210.00 to $201.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. Finally, Citigroup decreased their target price on American Tower from $225.00 to $220.00 and set a "buy" rating on the stock in a research note on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and a consensus 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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