American Tower Corporation $AMT Stock Acquired by Third View Private Wealth LLC

Third View Private Wealth LLC lifted its position in American Tower Corporation (NYSE:AMT) by 46.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,533 shares of the real estate investment trust’s stock after buying an additional 10,064 shares during the quarter. Third View Private Wealth LLC’s holdings in American Tower were worth $5,162,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AMT. Provenance Wealth Advisors LLC raised its holdings in shares of American Tower by 57,633.3% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $284,000 after purchasing an additional 1,729 shares during the period. Spectrum Wealth Advisory Group LLC lifted its stake in American Tower by 17.6% in the 3rd quarter. Spectrum Wealth Advisory Group LLC now owns 1,453 shares of the real estate investment trust’s stock valued at $238,000 after purchasing an additional 217 shares during the last quarter. GRIMES & Co WEALTH MANAGEMENT LLC bought a new position in American Tower during the third quarter worth about $202,000. Signature Equity Partners LLC grew its holdings in American Tower by 23.2% during the third quarter. Signature Equity Partners LLC now owns 1,053 shares of the real estate investment trust’s stock worth $172,000 after purchasing an additional 198 shares during the period. Finally, Summit Wealth Group LLC Co. bought a new position in American Tower during the third quarter worth about $280,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Ruth Dowling sold 952 shares of the business’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 completion of the sale, the executive vice president owned 26,133 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. 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 stock was acquired at an average price 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 $1,374,405. This represents a 57.31% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on AMT shares. TD Cowen upped their price objective on American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada reiterated an “outperform” rating and set a $205.00 target price on shares of American Tower in a research note on Wednesday, October 28th. Weiss Ratings raised American Tower from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 23rd. Truist Financial increased their price target on American Tower from $207.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Finally, BMO Capital Markets raised their price target on 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, sixteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $216.44.

American Tower Price Performance

American Tower stock opened at $187.05 on Wednesday. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $202.50. The stock’s 50 day moving average is $176.27 and its 200-day moving average is $177.47. 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 company has a market capitalization of $87.16 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 3.40 and a beta of 0.85.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share for the quarter, hitting the consensus estimate of $1.64. The business had revenue of $2.79 billion during 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 firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period last year, the firm posted $2.78 EPS. Equities research analysts expect that American Tower Corporation will post 10.80 EPS for the current year.

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

American Tower Dividend Announcement

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 dividend of $1.79 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 3.8%. American Tower’s dividend payout ratio (DPR) is currently 100.99%.

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.