American Tower Corporation $AMT Shares Newly Acquired by Gagnon Securities LLC

Gagnon Securities LLC purchased a new stake in shares of American Tower Corporation (NYSE:AMT) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,776 shares of the real estate investment trust’s stock, valued at approximately $454,000.

Several other institutional investors have also added to or reduced their stakes in AMT. Sound Income Strategies LLC lifted its position in American Tower by 14.5% during the third quarter. Sound Income Strategies LLC now owns 118,811 shares of the real estate investment trust’s stock valued at $19,809,000 after purchasing an additional 15,083 shares during the last quarter. Fenimore Asset Management Inc bought a new stake in shares of American Tower in the 3rd quarter worth about $15,446,000. Groupe la Francaise increased its holdings in shares of American Tower by 319.0% in the 2nd quarter. Groupe la Francaise now owns 33,505 shares of the real estate investment trust’s stock worth $5,481,000 after buying an additional 25,508 shares during the last quarter. WINTON GROUP Ltd increased its holdings in shares of American Tower by 1,087.4% in the 2nd quarter. WINTON GROUP Ltd now owns 34,434 shares of the real estate investment trust’s stock worth $5,632,000 after buying an additional 31,534 shares during the last quarter. Finally, BIP Wealth LLC purchased a new stake in shares of American Tower during the 2nd quarter valued at about $1,004,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In other American Tower news, EVP Ruth T. Dowling sold 952 shares of the business’s stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $185.81, for a total transaction of $176,891.12. Following the completion of the transaction, the executive vice president owned 26,133 shares in the company, valued at $4,855,772.73. The trade was a 3.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur bought 2,829 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were acquired at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the purchase, 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. Corporate insiders own 0.08% of the company’s stock.

American Tower Trading Down 0.0%

AMT stock opened at $190.29 on Thursday. 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 Corporation has a twelve month low of $160.06 and a twelve month high of $202.50. The stock has a market capitalization of $88.25 billion, a price-to-earnings ratio of 26.84, a price-to-earnings-growth ratio of 3.43 and a beta of 0.85. The firm’s fifty day simple moving average is $178.09 and its two-hundred day simple moving average is $177.83.

American Tower (NYSE:AMT) last released 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 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 quarter last year, the business earned $2.78 EPS. As a group, analysts anticipate 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 buyback program on Tuesday, October 27th that allows the company to repurchase $2 billion in shares. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Share buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

American Tower Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AMT. Jefferies Financial Group decreased their target price on shares of American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Citigroup dropped their price target on American Tower from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Mizuho set a $208.00 price objective on American Tower in a research note on Thursday, August 20th. JPMorgan Chase & Co. decreased their price objective on American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 28th. Finally, Sanford C. Bernstein lowered their price objective on American Tower from $214.00 to $212.00 and set an “outperform” rating for the company in a research note on Tuesday, October 20th. One 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. According to data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $216.11.

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.