Marble Harbor Investment Counsel LLC Acquires 31,755 Shares of American Tower Corporation $AMT

Marble Harbor Investment Counsel LLC acquired a new position in shares of American Tower Corporation (NYSE:AMT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 31,755 shares of the real estate investment trust’s stock, valued at approximately $5,198,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. BlackRock Inc. purchased a new position in shares of American Tower in the 2nd quarter worth about $7,490,943,000. State Street Corp increased its position in shares of American Tower by 2.9% during the 2nd 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 last quarter. Lazard Asset Management LLC raised its holdings in shares of American Tower by 20.4% during the 1st 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 in the last quarter. Deutsche Bank AG purchased a new position in shares of American Tower during the 2nd quarter valued at about $1,096,186,000. Finally, Legal & General Group Plc lifted its position in American Tower by 0.6% in 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 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.

Analyst Ratings Changes

Several analysts have issued reports on AMT shares. Weiss Ratings lowered American Tower from a “hold (c)” rating to a “sell (d+)” rating in a research note on Wednesday, November 4th. Mizuho set a $208.00 price target on shares of American Tower in a research report on Thursday, August 20th. Sanford C. Bernstein decreased 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. Truist Financial boosted their price objective on shares of American Tower from $207.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, October 30th. Finally, Barclays upped their price objective on shares of American Tower from $198.00 to $199.00 and gave the company an “overweight” rating in a research note on Wednesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average price target of $216.11.

American Tower Trading Down 0.1%

NYSE AMT opened at $189.96 on Friday. American Tower Corporation has a 1-year low of $160.06 and a 1-year 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 stock has a 50-day moving average of $178.43 and a 200-day moving average of $177.88. The firm has a market cap of $88.10 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 3.43 and a beta of 0.85.

American Tower (NYSE:AMT) last posted its quarterly earnings results 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. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. American Tower had a return on equity of 32.71% and a net margin of 30.10%. American Tower’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period last year, the company earned $2.78 EPS. As a group, sell-side analysts forecast that American Tower Corporation will post 10.80 EPS for the current year.

American Tower Dividend Announcement

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

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

Insider Activity at American Tower

In other news, Director Rajesh Kalathur purchased 2,829 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the acquisition, the director directly owned 7,765 shares of the company’s stock, valued at $1,374,405. This represents a 57.31% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ruth T. Dowling sold 952 shares of the stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $185.81, for a total transaction of $176,891.12. Following the sale, the executive vice president directly owned 26,133 shares of the company’s stock, valued at $4,855,772.73. The trade was 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. 0.08% of the stock is currently owned by company insiders.

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.