Cornerstone Advisors LLC Buys 38,298 Shares of American Tower Corporation $AMT

Cornerstone Advisors LLC bought a new stake in American Tower Corporation (NYSE:AMT) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 38,298 shares of the real estate investment trust’s stock, valued at approximately $6,269,000.

Several other hedge funds and other institutional investors also recently modified their holdings of AMT. Aberdeen Group plc grew its position in American Tower by 143.6% in the 3rd quarter. Aberdeen Group plc now owns 2,163,938 shares of the real estate investment trust’s stock worth $354,215,000 after purchasing an additional 1,275,701 shares during the last quarter. Moors & Cabot Inc. raised its holdings in shares of American Tower by 144.4% during the third quarter. Moors & Cabot Inc. now owns 4,929 shares of the real estate investment trust’s stock valued at $807,000 after buying an additional 2,912 shares during the last quarter. ICICI Prudential Asset Management Co Ltd bought a new stake in shares of American Tower during the third quarter valued at approximately $4,548,000. Money Concepts Capital Corp bought a new stake in shares of American Tower during the third quarter valued at approximately $939,000. Finally, Marble Harbor Investment Counsel LLC acquired a new position in shares of American Tower during the third quarter worth approximately $5,198,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Up 1.0%

AMT stock opened at $191.67 on Friday. American Tower Corporation has a 52 week low of $160.06 and a 52 week high of $202.50. The company has a market capitalization of $88.89 billion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 3.42 and a beta of 0.85. The firm’s 50-day moving average is $178.72 and its two-hundred day moving average is $177.94. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.30.

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

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

American Tower Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Wednesday, September 30th. American Tower’s dividend payout ratio (DPR) is presently 100.99%.

Insider Buying and Selling at American Tower

In other news, EVP Ruth T. Dowling sold 952 shares of the company’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 sale, the executive vice president owned 26,133 shares in the company, valued at $4,855,772.73. This represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 dated Friday, August 21st. The stock was purchased 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 of the company’s stock, valued at approximately $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AMT has been the subject of several analyst reports. Weiss Ratings lowered American Tower from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. Citigroup lowered their target price on American Tower from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. Mizuho set a $208.00 target price on American Tower in a research note on Thursday, August 20th. Sanford C. Bernstein reduced their price target on American Tower from $214.00 to $212.00 and set an “outperform” rating for the company in a research report on Tuesday, October 20th. Finally, JPMorgan Chase & Co. decreased 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. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $216.11.

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.