Buckhead Capital Management LLC Makes New $1.61 Million Investment in American Tower Corporation $AMT

Key Points

• Buckhead Capital Management initiated a $1.61 million position in American Tower, buying 9,858 shares during the third quarter; institutional investors collectively own 92.69% of the REIT.
• American Tower reported quarterly EPS of $1.64, matching estimates, while revenue of $2.79 billion topped forecasts and rose 2.5% year over year.
• The board authorized a $2 billion share repurchase program, and analysts maintain a “Moderate Buy” consensus with an average price target of $216.11.

Buckhead Capital Management LLC purchased a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,858 shares of the real estate investment trust's stock, valued at approximately $1,614,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Operose Advisors LLC acquired a new stake in shares of American Tower during the 2nd quarter valued at about $25,000. Allied Private Wealth LLC purchased a new position in shares of American Tower in the 2nd quarter valued at about $29,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in American Tower in the 2nd quarter worth about $33,000. SBI Securities Co. Ltd. acquired a new position in American Tower in the 3rd quarter worth about $35,000. Finally, Kelleher Financial Advisors acquired a new position in American Tower in the 2nd quarter worth about $37,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Activity at American Tower

In other news, Director Rajesh Kalathur purchased 2,829 shares of the firm's stock in a transaction on Friday, August 21st. The shares were bought at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the completion of the purchase, the director directly owned 7,765 shares of the company's stock, valued at approximately $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ruth T. Dowling sold 952 shares of the firm's stock in a transaction 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 owned 26,133 shares of the company's stock, valued at approximately $4,855,772.73. This represents a 3.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by company insiders.

American Tower Stock Down 2.7%

Shares of AMT opened at $188.81 on Friday. The company's 50-day moving average price is $177.26 and its 200 day moving average price is $177.65. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $202.50. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.30. The firm has a market cap of $87.98 billion, a P/E ratio of 26.63, a price-to-earnings-growth ratio of 3.41 and a beta of 0.85.

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 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 analysts' expectations of $2.76 billion. During the same period last year, the business earned $2.78 earnings per share. The business's revenue for the quarter was up 2.5% on a year-over-year basis. On average, sell-side analysts forecast that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower declared that its board has initiated a stock buyback program on Tuesday, October 27th that permits the company to buy back $2 billion in outstanding shares. This buyback authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Share buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were issued a $1.79 dividend. This represents a $7.16 annualized dividend and a yield of 3.8%. The ex-dividend date was Wednesday, September 30th. American Tower's dividend payout ratio (DPR) is 100.99%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AMT. TD Cowen raised their price objective on American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Weiss Ratings raised American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, October 23rd. BMO Capital Markets increased their target price on American Tower from $190.00 to $195.00 and gave the company a "market perform" rating in a research report on Wednesday, July 29th. Argus reissued a "buy" rating and issued a $210.00 price target on shares of American Tower in a research note on Thursday. Finally, Truist Financial lifted their price target on shares of American Tower from $207.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price 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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.