9,858 Shares in American Tower Corporation $AMT Bought by Buckhead Capital Management LLC

Buckhead Capital Management LLC purchased a new position in American Tower Corporation (NYSE:AMT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 9,858 shares of the real estate investment trust’s stock, valued at approximately $1,614,000.

A number of other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of American Tower in the 2nd quarter valued at approximately $7,490,943,000. State Street Corp grew its stake 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 worth $3,647,491,000 after purchasing an additional 631,593 shares in the last quarter. Lazard Asset Management LLC increased its holdings in American Tower by 20.4% in 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 buying an additional 1,240,780 shares during the last quarter. Deutsche Bank AG purchased a new position in American Tower in the second quarter valued at $1,096,186,000. Finally, Legal & General Group Plc increased its holdings in 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 valued at $793,944,000 after buying an additional 27,929 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Down 2.7%

Shares of NYSE:AMT opened at $188.81 on Friday. The firm has a 50 day simple moving average of $177.26 and a 200-day simple moving average of $177.65. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $202.50. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.30. The company has a market capitalization of $87.98 billion, a PE ratio of 26.63, a P/E/G ratio of 3.41 and a beta of 0.85.

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

American Tower declared that its board has approved a stock 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. Share buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

American Tower Announces Dividend

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

Insider Buying and Selling at American Tower

In other American Tower news, EVP Ruth Dowling sold 952 shares of the company’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $185.81, for a total value of $176,891.12. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,829 shares of the company’s stock in a transaction on Friday, August 21st. The shares were purchased at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the acquisition, the director owned 7,765 shares of the company’s stock, valued at approximately $1,374,405. The trade was a 57.31% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of a number of analyst reports. Scotiabank restated an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. Argus reaffirmed a “buy” rating and set a $210.00 price objective on shares of American Tower in a research report on Thursday. TD Cowen increased their price objective on American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Jefferies Financial Group cut 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. Finally, Truist Financial raised 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. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus price target 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.

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.