American Tower Corporation $AMT Stock Acquired by PBU The Pension Fund of Early Childhood & Youth Educators

PBU The Pension Fund of Early Childhood & Youth Educators grew its holdings in shares of American Tower Corporation (NYSE:AMT) by 27.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,883 shares of the real estate investment trust’s stock after acquiring an additional 15,719 shares during the period. PBU The Pension Fund of Early Childhood & Youth Educators’ holdings in American Tower were worth $11,930,000 as of its most recent SEC filing.

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

American Tower Trading Down 0.1%

AMT opened at $189.96 on Friday. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.51 and a quick ratio of 0.51. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $202.50. The firm has a market capitalization of $88.10 billion, a PE ratio of 26.79, a P/E/G ratio of 3.43 and a beta of 0.85. The company’s 50-day moving average is $178.43 and its 200 day moving average is $177.88.

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 (EPS) for the quarter, meeting analysts’ consensus estimates of $1.64. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the previous year, the business earned $2.78 EPS. The company’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, research analysts predict that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

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

American Tower Dividend Announcement

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

Insider Buying and Selling at American Tower

In other American Tower news, Director Rajesh Kalathur bought 2,829 shares of the stock in a transaction dated Friday, August 21st. The shares were bought at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the purchase, the director directly owned 7,765 shares of the company’s stock, valued at approximately $1,374,405. This trade represents a 57.31% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ruth T. 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 transaction of $176,891.12. Following the completion of the transaction, the executive vice president owned 26,133 shares in the company, valued at approximately $4,855,772.73. The trade was a 3.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. TD Cowen upped their price objective on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Weiss Ratings downgraded American Tower from a “hold (c)” rating to a “sell (d+)” rating in a research note on Wednesday, November 4th. The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research note on Tuesday, October 27th. Truist Financial upped their target price on American Tower from $207.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, October 30th. Finally, Argus reiterated a “buy” rating and issued a $210.00 target price on shares of American Tower in a report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $216.11.

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.