46,381 Shares in American Tower Corporation $AMT Bought by General American Investors Co. Inc.

General American Investors Co. Inc. acquired a new stake in shares of American Tower Corporation (NYSE:AMT) during the third quarter, HoldingsChannel reports. The fund acquired 46,381 shares of the real estate investment trust’s stock, valued at approximately $7,592,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in American Tower during the 2nd quarter valued at $7,490,943,000. State Street Corp boosted its stake in shares of American Tower by 2.9% in the 2nd quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust’s stock worth $3,647,491,000 after buying an additional 631,593 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of American Tower by 20.4% in the 1st quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock worth $1,264,311,000 after buying an additional 1,240,780 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of American Tower in the second quarter worth $1,096,186,000. Finally, Legal & General Group Plc grew its holdings in shares of American Tower by 0.6% in the second quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust’s stock worth $793,944,000 after acquiring an additional 27,929 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of AMT stock traded down $5.18 during mid-day trading on Friday, reaching $188.81. 2,958,017 shares of the company’s stock traded hands, compared to its average volume of 3,699,981. The company has a debt-to-equity ratio of 3.30, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market capitalization of $87.98 billion, a PE ratio of 26.63, a price-to-earnings-growth ratio of 3.40 and a beta of 0.85. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $202.50. The firm has a 50 day moving average price of $177.26 and a two-hundred day moving average price of $177.65.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, hitting analysts’ consensus estimates of $1.64. The company 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%. American Tower’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period last year, the firm earned $2.78 EPS. On average, research analysts forecast that American Tower Corporation will post 10.80 EPS for the current year.

American Tower announced that its board has approved a share repurchase program on Tuesday, October 27th that permits the company to buy back $2 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Wednesday, September 30th were given a $1.79 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $7.16 dividend on an annualized basis and a yield of 3.8%. American Tower’s dividend payout ratio is presently 100.99%.

Insider Transactions at American Tower

In related news, EVP Ruth T. Dowling sold 952 shares of the business’s stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $185.81, for a total transaction of $176,891.12. Following the completion of the transaction, the executive vice president directly owned 26,133 shares in the company, valued at approximately $4,855,772.73. The trade was a 3.51% decrease in their position. 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 acquired 2,829 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were bought at an average price of $177.00 per share, with a total value of $500,733.00. Following the completion of the purchase, the director owned 7,765 shares in the company, valued at $1,374,405. This trade represents a 57.31% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on AMT shares. Truist Financial upped their price objective on American Tower from $207.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, October 30th. Jefferies Financial Group dropped their target price on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. JPMorgan Chase & Co. cut their price target on American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, October 28th. TD Cowen upped their price target on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Citigroup lowered their price objective on shares of American Tower from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $216.11.

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.

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.