Riverbridge Partners LLC bought a new stake in American Tower Corporation (NYSE:AMT – Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 242,231 shares of the real estate investment trust’s stock, valued at approximately $39,651,000. American Tower accounts for about 1.2% of Riverbridge Partners LLC’s portfolio, making the stock its 24th largest position.
Several other large investors also recently modified their holdings of AMT. Operose Advisors LLC acquired a new stake in shares of American Tower during the second quarter worth about $25,000. Allied Private Wealth LLC acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $29,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $33,000. SBI Securities Co. Ltd. bought a new stake in American Tower during the 3rd quarter worth approximately $35,000. Finally, Kelleher Financial Advisors bought a new stake in American Tower during the 2nd quarter worth approximately $37,000. 92.69% of the stock is currently owned by institutional investors.
Insider Buying and Selling at American Tower
In other American Tower news, Director Rajesh Kalathur bought 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, with a total value of $500,733.00. Following the completion of the transaction, the director 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ruth Dowling sold 952 shares of American Tower stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $185.81, for a total transaction of $176,891.12. Following the completion of the sale, the executive vice president owned 26,133 shares in the company, valued at $4,855,772.73. The trade was 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. Corporate insiders own 0.08% of the company’s stock.
American Tower Stock Up 0.7%
NYSE:AMT opened at $190.41 on Wednesday. The stock has a 50-day simple moving average of $177.80 and a 200 day simple moving average of $177.77. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $202.50. The company has a market cap of $88.31 billion, a PE ratio of 26.86, a PEG ratio of 3.41 and a beta of 0.85. The company has a debt-to-equity ratio of 3.30, a quick ratio of 0.51 and a current ratio of 0.51.
American Tower (NYSE:AMT – Get Free Report) last released its 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. The firm 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 business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.78 EPS. On average, sell-side analysts expect 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 stock repurchase plan on Tuesday, October 27th that authorizes the company to repurchase $2 billion in shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Share buyback plans are generally an indication that the company’s board believes its stock is undervalued.
American Tower Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were issued a dividend of $1.79 per share. The ex-dividend date was Wednesday, September 30th. This represents a $7.16 annualized dividend and a yield of 3.8%. American Tower’s dividend payout ratio is presently 100.99%.
Analyst Ratings Changes
A number of research analysts have weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of American Tower in a research note on Tuesday, October 27th. Weiss Ratings cut shares of American Tower from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. Jefferies Financial Group lowered their price objective on shares of American Tower from $210.00 to $201.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Barclays raised their price objective on shares of American Tower from $198.00 to $199.00 and gave the stock an “overweight” rating in a report on Wednesday, September 30th. Finally, Mizuho set a $208.00 price objective on shares of American Tower in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $216.11.
Get Our Latest Stock Analysis on AMT
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.
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