General American Investors Co. Inc. Purchases 46,381 Shares of American Tower Corporation $AMT

General American Investors Co. Inc. acquired a new stake in shares of American Tower Corporation (NYSE:AMT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 46,381 shares of the real estate investment trust’s stock, valued at approximately $7,592,000.

Other large investors have also recently modified their holdings of the company. Allegiance Financial Group Advisory Services LLC purchased a new position in shares of American Tower in the third quarter worth $552,000. Calamos Advisors LLC raised its stake in shares of American Tower by 44.8% during the third quarter. Calamos Advisors LLC now owns 95,977 shares of the real estate investment trust’s stock valued at $15,710,000 after acquiring an additional 29,701 shares during the last quarter. Liberty Capital Management Inc. boosted its holdings in shares of American Tower by 5.0% during the third quarter. Liberty Capital Management Inc. now owns 25,631 shares of the real estate investment trust’s stock worth $4,196,000 after purchasing an additional 1,217 shares during the period. Alta Advisers Ltd grew its stake in shares of American Tower by 60.4% in the third quarter. Alta Advisers Ltd now owns 3,382 shares of the real estate investment trust’s stock worth $554,000 after purchasing an additional 1,273 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. bought a new stake in shares of American Tower in the third quarter worth about $217,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Down 2.7%

Shares of NYSE AMT traded down $5.18 during midday trading on Friday, hitting $188.81. The stock had a trading volume of 2,958,017 shares, compared to its average volume of 3,699,981. The business’s 50 day moving average is $177.26 and its 200-day moving average is $177.65. The company has a market cap of $87.98 billion, a P/E ratio of 26.63, a PEG ratio of 3.40 and a beta of 0.85. American Tower Corporation has a 52 week low of $160.06 and a 52 week high of $202.50. 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 posted its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, meeting analysts’ consensus estimates 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 net margin of 30.10% and a return on equity of 32.71%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.78 earnings per share. As a group, analysts predict that American Tower Corporation will post 10.80 EPS for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Wednesday, September 30th were paid a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 3.8%. The ex-dividend date was Wednesday, September 30th. American Tower’s dividend payout ratio (DPR) is currently 100.99%.

American Tower declared that its Board of Directors has authorized a share buyback program 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 programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AMT. Weiss Ratings upgraded shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 23rd. BMO Capital Markets upped their price objective on shares of American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Truist Financial raised their target price on shares of American Tower from $207.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, October 30th. Sanford C. Bernstein cut their target price on shares of American Tower from $214.00 to $212.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 20th. Finally, Scotiabank reiterated an “outperform” rating on shares of American Tower in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $216.11.

Insider Buying and Selling at American Tower

In other American Tower news, Director Rajesh Kalathur bought 2,829 shares of American Tower stock in a transaction 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 acquisition, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ruth Dowling sold 952 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president owned 26,133 shares of the company’s stock, valued at $4,855,772.73. This represents a 3.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.08% of the company’s stock.

American Tower Company 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.

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.