21,281 American Tower Corporation $AMT Shares Sold by Northeast Investment Management

Northeast Investment Management lessened its stake in American Tower Corporation (NYSE:AMT) by 15.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 114,907 shares of the real estate investment trust’s stock after selling 21,281 shares during the quarter. Northeast Investment Management’s holdings in American Tower were worth $18,809,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Dynamic Wealth Strategies LLC grew its stake in American Tower by 11.1% in the third quarter. Dynamic Wealth Strategies LLC now owns 549 shares of the real estate investment trust’s stock worth $90,000 after purchasing an additional 55 shares in the last quarter. TOWER TRUST & INVESTMENT Co raised its stake in American Tower by 1.2% during the third 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. raised its stake in American Tower by 1.3% during the third quarter. Pinnacle Bancorp Inc. now owns 4,491 shares of the real estate investment trust’s stock valued at $736,000 after buying an additional 59 shares in the last quarter. William Allan Corp lifted its holdings in American Tower by 4.7% during 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 last quarter. Finally, Community Financial Services Group LLC lifted its holdings in American Tower by 1.2% during the 2nd quarter. Community Financial Services Group LLC now owns 5,388 shares of the real estate investment trust’s stock worth $895,000 after buying an additional 65 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the subject of several research reports. BMO Capital Markets lifted their target price on American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. TD Cowen upped their price target on American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Jefferies Financial Group reduced their price objective on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Mizuho set a $208.00 price objective on shares of American Tower in a report on Thursday, August 20th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of American Tower in a research note on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $216.44.

American Tower Price Performance

AMT opened at $195.16 on Thursday. The firm has a market cap of $90.93 billion, a price-to-earnings ratio of 27.53, a price-to-earnings-growth ratio of 3.38 and a beta of 0.85. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $202.50. The company’s 50-day moving average price is $176.60 and its 200 day moving average price is $177.54. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.30.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.64. American Tower had a net margin of 30.10% and a return on equity of 32.71%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the company posted $2.78 earnings per share. American Tower’s revenue was up 2.5% on a year-over-year basis. As a group, sell-side analysts expect that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th were given a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Wednesday, September 30th. American Tower’s dividend payout ratio is presently 100.99%.

American Tower declared that its board has approved a stock repurchase 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 purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at American Tower

In related news, EVP Ruth Dowling sold 952 shares of the firm’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 sale, the executive vice president 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,829 shares of American Tower stock in a transaction that occurred on Friday, August 21st. The shares were bought 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 approximately $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.08% of the company’s stock.

American Tower 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.