American Tower Corporation $AMT Holdings Lessened by University of Texas Texas AM Investment Management Co.

University of Texas Texas AM Investment Management Co. decreased its holdings in American Tower Corporation (NYSE:AMT) by 95.8% in the third quarter, Holdings Channel reports. The fund owned 435 shares of the real estate investment trust’s stock after selling 9,994 shares during the quarter. University of Texas Texas AM Investment Management Co.’s holdings in American Tower were worth $71,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. M Holdings Securities Inc. purchased a new position in shares of American Tower in the 3rd quarter worth approximately $205,000. Brighton Jones LLC raised its holdings in American Tower by 83.4% during the 3rd quarter. Brighton Jones LLC now owns 21,455 shares of the real estate investment trust’s stock valued at $3,512,000 after buying an additional 9,755 shares during the period. Uhlmann Price Securities LLC raised its holdings in American Tower by 201.8% during the 3rd quarter. Uhlmann Price Securities LLC now owns 7,719 shares of the real estate investment trust’s stock valued at $1,264,000 after buying an additional 5,161 shares during the period. Ethic Inc. lifted its position in American Tower by 10.7% in the third quarter. Ethic Inc. now owns 67,820 shares of the real estate investment trust’s stock worth $11,101,000 after buying an additional 6,581 shares during the last quarter. Finally, 180 Wealth Advisors LLC lifted its position in American Tower by 1.9% in the third quarter. 180 Wealth Advisors LLC now owns 13,963 shares of the real estate investment trust’s stock worth $2,286,000 after buying an additional 263 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 0.1%

Shares of NYSE AMT opened at $188.98 on Tuesday. The company has a debt-to-equity ratio of 3.30, a quick ratio of 0.51 and a current ratio of 0.51. The business’s 50 day moving average price is $177.51 and its 200-day moving average price is $177.70. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $202.50. The company 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.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.64. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the company earned $2.78 EPS. American Tower’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 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Wednesday, September 30th were paid a $1.79 dividend. 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 announced that its board has initiated a stock repurchase plan on Tuesday, October 27th that authorizes the company to repurchase $2 billion in shares. This repurchase authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Share repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $205.00 price objective on shares of American Tower in a research note on Wednesday, October 28th. TD Cowen increased their target price 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. JPMorgan Chase & Co. lowered their target price on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. Sanford C. Bernstein dropped their price target on shares of American Tower from $214.00 to $212.00 and set an “outperform” rating for the company in a research note on Tuesday, October 20th. Finally, BMO Capital Markets lifted their price target on shares of American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target of $216.11.

Insiders Place Their Bets

In other news, EVP Ruth T. Dowling sold 952 shares of the company’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $185.81, for a total value of $176,891.12. Following the transaction, the executive vice president directly owned 26,133 shares in the company, valued at approximately $4,855,772.73. This represents a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur purchased 2,829 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was bought at an average price of $177.00 per share, for a total transaction of $500,733.00. Following the completion of 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. Company insiders own 0.08% of the company’s stock.

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.