3,593 American Tower Corporation $AMT Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC lessened its stake in shares of American Tower Corporation (NYSE:AMT) by 27.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,692 shares of the real estate investment trust’s stock after selling 3,593 shares during the quarter. Parallel Advisors LLC’s holdings in American Tower were worth $1,587,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in American Tower during the second quarter worth $7,490,943,000. Deutsche Bank AG bought a new position in American Tower during the second quarter valued at $1,096,186,000. Bank of America Corp DE purchased a new stake in shares of American Tower in the second quarter valued at $638,829,000. Bank of New York Mellon Corp purchased a new stake in shares of American Tower in the second quarter valued at $500,016,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of American Tower during the 2nd quarter worth about $291,867,000. 92.69% of the stock is currently owned by institutional investors.

Insider Transactions at American Tower

In related news, 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 transaction 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 trade represents a 3.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,829 shares of the stock in a transaction on Friday, August 21st. The stock was bought at an average cost of $177.00 per share, with a total value of $500,733.00. Following the completion of the transaction, the director owned 7,765 shares in the company, valued at $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. Company insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AMT shares. TD Cowen upped their price target 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. The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research note on Tuesday, October 27th. Barclays boosted their target price on American Tower from $198.00 to $199.00 and gave the company an “overweight” rating in a research report on Wednesday, September 30th. Sanford C. Bernstein cut their target price on American Tower from $214.00 to $212.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 20th. Finally, Jefferies Financial Group reduced their price target on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $216.11.

American Tower Stock Performance

AMT stock opened at $188.98 on Tuesday. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $202.50. The firm has a market cap of $88.06 billion, a price-to-earnings ratio of 26.65, a PEG ratio of 3.52 and a beta of 0.85. The business’s fifty day simple moving average is $177.51 and its two-hundred day simple moving average is $177.70. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.30.

American Tower (NYSE:AMT) last issued its 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. The firm had revenue of $2.79 billion during 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 revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.78 earnings per share. Analysts predict that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 27th that permits the company to repurchase $2 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

American Tower Announces Dividend

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

American Tower 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.