Mirae Asset Global Investments Co. Ltd. Buys New Stake in American Tower Corporation $AMT

Mirae Asset Global Investments Co. Ltd. bought a new stake in American Tower Corporation (NYSE:AMT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 130,182 shares of the real estate investment trust’s stock, valued at approximately $21,309,000.

Other large investors also recently added to or reduced their stakes in the company. Profund Advisors LLC lifted its stake in American Tower by 27.0% during the 3rd quarter. Profund Advisors LLC now owns 5,972 shares of the real estate investment trust’s stock worth $978,000 after acquiring an additional 1,270 shares in the last quarter. Vise Technologies Inc. boosted its holdings in American Tower by 7.7% during the 3rd quarter. Vise Technologies Inc. now owns 20,037 shares of the real estate investment trust’s stock valued at $3,280,000 after acquiring an additional 1,435 shares during the period. Cidel Asset Management Inc. boosted its holdings in American Tower by 10.9% during the 3rd quarter. Cidel Asset Management Inc. now owns 2,524 shares of the real estate investment trust’s stock valued at $413,000 after acquiring an additional 248 shares during the period. MGO One Seven LLC grew its position in American Tower by 1.1% in the 3rd quarter. MGO One Seven LLC now owns 25,389 shares of the real estate investment trust’s stock valued at $4,156,000 after acquiring an additional 274 shares in the last quarter. Finally, Americana Partners LLC grew its position in American Tower by 153.5% in the 3rd quarter. Americana Partners LLC now owns 4,076 shares of the real estate investment trust’s stock valued at $667,000 after acquiring an additional 2,468 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at American Tower

In other American Tower 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 value of $176,891.12. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur purchased 2,829 shares of American Tower stock in a transaction that occurred 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 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. Additional details regarding this purchase are available in the official SEC disclosure. 0.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on AMT shares. Sanford C. Bernstein cut their price target 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. Scotiabank reissued an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. TD Cowen raised their price objective on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Citigroup dropped their price objective on shares of American Tower from $225.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $205.00 target price on shares of American Tower in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average target price of $216.44.

American Tower Stock Up 0.4%

American Tower stock opened at $188.59 on Tuesday. The stock has a market cap of $87.88 billion, a PE ratio of 26.60, a P/E/G ratio of 2.95 and a beta of 0.88. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.51 and a quick ratio of 0.52. The stock’s fifty day moving average is $176.09 and its two-hundred day moving average is $177.42. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $202.50.

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 (EPS) for the quarter, hitting the consensus estimate 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 analysts’ expectations of $2.76 billion. During the same period in the prior year, the firm posted $2.78 EPS. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts expect that American Tower Corporation will post 10.80 EPS for the current fiscal year.

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

American Tower Announces Dividend

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

American Tower Company Profile

American Tower Corporation (NYSE:AMT) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftop sites, distributed antenna systems and other infrastructure used by wireless carriers, broadcasters, governments and businesses to support voice, data and video communications.

The company leases space on its sites to multiple customers, allowing them to install antennas and related equipment without building and maintaining individual tower locations.