Money Concepts Capital Corp Makes New Investment in American Tower Corporation $AMT

Money Concepts Capital Corp bought a new position in shares of American Tower Corporation (NYSE:AMT) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 5,736 shares of the real estate investment trust’s stock, valued at approximately $939,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. acquired a new stake in American Tower in the second quarter worth $7,490,943,000. State Street Corp raised its holdings in shares of American Tower by 2.9% during the second quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust’s stock valued at $3,647,491,000 after purchasing an additional 631,593 shares during the period. Lazard Asset Management LLC raised its holdings in shares of American Tower by 20.4% during the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock valued at $1,264,311,000 after purchasing an additional 1,240,780 shares during the period. Deutsche Bank AG bought a new position in shares of American Tower during the 2nd quarter worth about $1,096,186,000. Finally, Legal & General Group Plc boosted its position in shares of American Tower by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust’s stock worth $793,944,000 after purchasing an additional 27,929 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of research analyst reports. BMO Capital Markets boosted their target price on American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. TD Cowen increased their price target on American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $205.00 price target on shares of American Tower in a report on Wednesday, October 28th. Sanford C. Bernstein reduced their price objective on American Tower from $214.00 to $212.00 and set an “outperform” rating for the company in a research note on Tuesday, October 20th. Finally, Argus restated a “buy” rating and set a $210.00 price objective on shares of American Tower in a report on Thursday, November 5th. One 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $216.11.

American Tower Stock Up 1.0%

AMT traded up $1.88 during trading on Friday, hitting $191.67. 1,384,311 shares of the company’s stock were exchanged, compared to its average volume of 3,279,891. 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 business’s 50 day moving average is $178.72 and its two-hundred day moving average is $177.94. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $202.50. The stock has a market cap of $88.89 billion, a P/E ratio of 27.03, a PEG ratio of 3.42 and a beta of 0.85.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.64. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. American Tower had a net margin of 30.10% and a return on equity of 32.71%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm earned $2.78 earnings per share. As a group, equities analysts expect that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were issued a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Wednesday, September 30th. American Tower’s dividend payout ratio is currently 100.99%.

American Tower declared that its board has authorized a share buyback plan on Tuesday, October 27th that authorizes the company to buy back $2 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at American Tower

In other American Tower news, Director Rajesh Kalathur purchased 2,829 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were acquired at an average price of $177.00 per share, with a total value of $500,733.00. Following the transaction, the director owned 7,765 shares in the company, valued at $1,374,405. The trade was a 57.31% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ruth Dowling sold 952 shares of American Tower stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $185.81, for a total value of $176,891.12. Following the transaction, the executive vice president owned 26,133 shares of the company’s stock, valued at $4,855,772.73. This trade represents a 3.51% decrease in their position. 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. Corporate insiders own 0.08% of the company’s stock.

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.