Maryland State Retirement & Pension System Sells 33,806 Shares of American Tower Corporation $AMT

Maryland State Retirement & Pension System lessened its stake in shares of American Tower Corporation (NYSE:AMT) by 7.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 432,756 shares of the real estate investment trust’s stock after selling 33,806 shares during the period. American Tower makes up approximately 1.1% of Maryland State Retirement & Pension System’s portfolio, making the stock its 13th biggest position. Maryland State Retirement & Pension System’s holdings in American Tower were worth $71,216,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of AMT. Ritholtz Wealth Management boosted its holdings in shares of American Tower by 10.5% during the 3rd quarter. Ritholtz Wealth Management now owns 10,980 shares of the real estate investment trust’s stock valued at $1,797,000 after acquiring an additional 1,040 shares in the last quarter. UNIVEST FINANCIAL Corp grew its position in American Tower by 2.2% during the 3rd quarter. UNIVEST FINANCIAL Corp now owns 64,310 shares of the real estate investment trust’s stock worth $10,527,000 after acquiring an additional 1,399 shares during the last quarter. Joel Isaacson & Co. LLC increased its holdings in American Tower by 9.2% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 6,776 shares of the real estate investment trust’s stock worth $1,109,000 after purchasing an additional 573 shares in the last quarter. Jacobi Capital Management LLC increased its holdings in American Tower by 14.8% in the 3rd quarter. Jacobi Capital Management LLC now owns 9,847 shares of the real estate investment trust’s stock worth $1,665,000 after purchasing an additional 1,273 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in American Tower in the 3rd quarter worth about $2,718,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Performance

Shares of American Tower stock opened at $190.29 on Thursday. The stock has a market cap of $88.25 billion, a price-to-earnings ratio of 26.84, a P/E/G ratio of 3.43 and a beta of 0.85. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $202.50. The company’s fifty day moving average is $178.09 and its 200 day moving average is $177.83. 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 announced its 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 during 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. Sell-side analysts forecast that American Tower Corporation will post 10.80 EPS for the current year.

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

American Tower Dividend Announcement

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

Insider Activity

In related news, Director Rajesh Kalathur acquired 2,829 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 7,765 shares of the company’s stock, valued at $1,374,405. The trade was a 57.31% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ruth Dowling sold 952 shares of the firm’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $185.81, for a total value of $176,891.12. Following the transaction, the executive vice president owned 26,133 shares of the company’s stock, valued at $4,855,772.73. This trade represents a 3.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays lifted their price target on American Tower from $198.00 to $199.00 and gave the company an “overweight” rating in a research note on Wednesday, September 30th. Citigroup reduced their price target on American Tower from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. Argus reaffirmed a “buy” rating and issued a $210.00 price objective on shares of American Tower in a research note on Thursday, November 5th. BMO Capital Markets raised their price objective on shares of American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Finally, Truist Financial raised their price objective on shares of American Tower from $207.00 to $210.00 and gave the company a “buy” rating in a report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $216.11.

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.