abrdn plc raised its position in American Tower Co. (NYSE:AMT - Free Report) by 11.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 653,549 shares of the real estate investment trust's stock after purchasing an additional 69,193 shares during the quarter. abrdn plc owned 0.14% of American Tower worth $150,970,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of AMT. Cultivar Capital Inc. acquired a new stake in shares of American Tower in the second quarter valued at about $25,000. Fairscale Capital LLC acquired a new stake in shares of American Tower in the second quarter valued at about $27,000. Hobbs Group Advisors LLC acquired a new stake in shares of American Tower in the second quarter valued at about $29,000. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the third quarter valued at about $30,000. Finally, Family Firm Inc. acquired a new stake in American Tower during the 2nd quarter valued at approximately $35,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.
American Tower Stock Performance
American Tower stock traded down $9.31 during mid-day trading on Tuesday, hitting $212.91. 3,590,620 shares of the company's stock traded hands, compared to its average volume of 2,276,591. American Tower Co. has a one year low of $169.70 and a one year high of $243.56. The company has a market cap of $99.45 billion, a PE ratio of 40.02, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83. The firm has a 50 day moving average price of $228.85 and a 200 day moving average price of $208.15. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.
American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the company earned $2.46 EPS. The business's revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts forecast that American Tower Co. will post 10.08 EPS for the current year.
American Tower Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.04%. American Tower's dividend payout ratio is presently 121.80%.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on AMT. BMO Capital Markets raised their price objective on American Tower from $246.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, September 13th. Deutsche Bank Aktiengesellschaft raised their price objective on American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. Barclays raised their price target on shares of American Tower from $223.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday, October 10th. Mizuho raised their target price on shares of American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a report on Thursday, September 12th. Finally, Royal Bank of Canada upped their target price on American Tower from $225.00 to $236.00 and gave the company an "outperform" rating in a report on Thursday, August 15th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and a consensus price target of $237.92.
Read Our Latest Stock Analysis on American Tower
Insider Buying and Selling
In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now directly owns 31,873 shares of the company's stock, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the business's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last quarter. Corporate insiders own 0.18% of the company's stock.
About American Tower
(
Free Report)
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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