3,593 American Tower Corporation $AMT Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC lessened its holdings in American Tower Corporation (NYSE:AMT) by 27.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 9,692 shares of the real estate investment trust’s stock after selling 3,593 shares during the period. Parallel Advisors LLC’s holdings in American Tower were worth $1,587,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of AMT. Sound Income Strategies LLC grew its holdings in American Tower by 14.5% during the 3rd quarter. Sound Income Strategies LLC now owns 118,811 shares of the real estate investment trust’s stock valued at $19,809,000 after buying an additional 15,083 shares in the last quarter. BIP Wealth LLC bought a new stake in shares of American Tower during the second quarter valued at approximately $1,004,000. Fenimore Asset Management Inc purchased a new position in shares of American Tower in the third quarter worth $15,446,000. Groupe la Francaise lifted its holdings in shares of American Tower by 319.0% in the second quarter. Groupe la Francaise now owns 33,505 shares of the real estate investment trust’s stock worth $5,481,000 after buying an additional 25,508 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its position in shares of American Tower by 1,087.4% during the second quarter. WINTON GROUP Ltd now owns 34,434 shares of the real estate investment trust’s stock worth $5,632,000 after acquiring an additional 31,534 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $188.98 on Tuesday. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.51 and a quick ratio of 0.51. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $202.50. The business has a 50 day simple moving average of $177.51 and a two-hundred day simple moving average of $177.70. The stock has a market capitalization of $88.06 billion, a PE ratio of 26.65, a P/E/G ratio of 3.52 and a beta of 0.85.

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

American Tower declared that its Board of Directors has approved a share buyback plan on Tuesday, October 27th that allows the company to repurchase $2 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Share repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were given 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 payout ratio is currently 100.99%.

Insider Buying and Selling at American Tower

In related news, EVP Ruth Dowling sold 952 shares of the business’s stock in a transaction 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 sale, the executive vice president owned 26,133 shares in the company, valued at approximately $4,855,772.73. The trade was a 3.51% decrease in their ownership of the stock. 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 purchased 2,829 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were acquired at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the purchase, the director owned 7,765 shares of the company’s stock, valued at $1,374,405. This represents a 57.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on AMT shares. Argus reaffirmed a “buy” rating and set a $210.00 target price on shares of American Tower in a research note on Thursday, November 5th. The Goldman Sachs Group reiterated a “buy” rating on shares of American Tower in a report on Tuesday, October 27th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $205.00 price target on shares of American Tower in a research note on Wednesday, October 28th. Mizuho set a $208.00 price objective on shares of American Tower in a report on Thursday, August 20th. Finally, BMO Capital Markets increased their price objective on shares of American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.