American Tower Corporation $AMT Shares Acquired by New York Life Investment Management LLC

New York Life Investment Management LLC lifted its holdings in American Tower Corporation (NYSE:AMT) by 16.1% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 80,573 shares of the real estate investment trust’s stock after purchasing an additional 11,201 shares during the period. New York Life Investment Management LLC’s holdings in American Tower were worth $13,189,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on AMT shares. The Goldman Sachs Group reaffirmed a “buy” rating on shares of American Tower in a research report on Tuesday, October 27th. Sanford C. Bernstein decreased their target price on American Tower from $214.00 to $212.00 and set an “outperform” rating for the company in a report on Tuesday, October 20th. Truist Financial boosted their target price on American Tower from $207.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, October 30th. Barclays boosted their target price on American Tower from $198.00 to $199.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 30th. Finally, BMO Capital Markets upped their price target on American Tower from $190.00 to $195.00 and gave the stock 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 given a Buy rating, one has assigned 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 an average target price of $216.11.

Insider Buying and Selling at American Tower

In other American Tower news, 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 completion of the acquisition, 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. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ruth T. Dowling sold 952 shares of the firm’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 completion of the sale, the executive vice president owned 26,133 shares in the company, valued at approximately $4,855,772.73. This represents a 3.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by insiders.

American Tower Stock Down 0.0%

Shares of NYSE:AMT opened at $190.29 on Thursday. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $202.50. The firm’s 50 day moving average price is $178.09 and its 200 day moving average price is $177.83. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.30. The stock has a market cap of $88.25 billion, a price-to-earnings ratio of 26.84, a price-to-earnings-growth ratio of 3.43 and a beta of 0.85.

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

American Tower Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, September 30th. American Tower’s payout ratio is 100.99%.

American Tower announced that its Board of Directors has initiated a share buyback program on Tuesday, October 27th that allows the company to repurchase $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 usually a sign that the company’s board of directors believes its stock is undervalued.

American Tower Profile

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.