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

Brighton Jones LLC grew its stake in shares of American Tower Corporation (NYSE:AMT) by 83.4% in the third quarter, Holdings Channel reports. The institutional investor 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 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in American Tower during the second quarter worth about $7,490,943,000. Deutsche Bank AG bought a new stake in shares of American Tower in the 2nd quarter worth approximately $1,096,186,000. Bank of America Corp DE bought a new stake in shares of American Tower in the 2nd quarter worth approximately $638,829,000. Bank of New York Mellon Corp acquired a new stake in shares of American Tower during the 2nd quarter worth approximately $500,016,000. Finally, Ontario Teachers Pension Plan Board acquired a new stake in shares of American Tower during the 2nd quarter worth approximately $291,867,000. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of a number of research reports. TD Cowen boosted 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. Scotiabank reiterated an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. Truist Financial boosted their price target on shares of American Tower from $207.00 to $210.00 and gave the company a “buy” rating in a report on Friday, October 30th. Royal Bank Of Canada restated an “outperform” rating and issued a $205.00 price objective on shares of American Tower in a research note on Wednesday, October 28th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $216.11.

American Tower Trading Up 0.0%

Shares of AMT opened at $188.81 on Monday. 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 stock has a market cap of $87.98 billion, a PE ratio of 26.63, a PEG ratio of 3.41 and a beta of 0.85. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $202.50. The stock has a 50 day simple moving average of $177.26 and a 200-day simple moving average of $177.65.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, meeting the consensus estimate of $1.64. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the previous year, the firm earned $2.78 EPS. American Tower’s quarterly revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts predict that American Tower Corporation will post 10.80 EPS for the current fiscal year.

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 paid a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Wednesday, September 30th. American Tower’s payout ratio is currently 100.99%.

American Tower announced that its board has authorized a stock buyback program on Tuesday, October 27th that permits the company to repurchase $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 an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at American Tower

In other news, EVP Ruth Dowling sold 952 shares of the company’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $185.81, for a total value of $176,891.12. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur bought 2,829 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were 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. This represents 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 currently owned by insiders.

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.