American Tower Corporation $AMT Holdings Raised by New York Life Investment Management LLC

New York Life Investment Management LLC boosted its position in shares of American Tower Corporation (NYSE:AMT) by 16.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,573 shares of the real estate investment trust’s stock after purchasing an additional 11,201 shares during the period. New York Life Investment Management LLC’s holdings in American Tower were worth $13,189,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Operose Advisors LLC acquired a new stake in shares of American Tower during the 2nd quarter worth approximately $25,000. Allied Private Wealth LLC purchased a new stake in shares of American Tower during the 2nd quarter valued at approximately $29,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in American Tower in the second quarter valued at approximately $33,000. SBI Securities Co. Ltd. acquired a new position in American Tower in the third quarter valued at approximately $35,000. Finally, Kelleher Financial Advisors acquired a new position in American Tower in the second quarter valued at approximately $37,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

American Tower stock opened at $190.29 on Thursday. The company’s 50 day simple moving average is $178.09 and its 200-day simple moving average is $177.83. The company 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. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $202.50. The company has a debt-to-equity ratio of 3.30, a quick ratio of 0.51 and a current ratio of 0.51.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, hitting the consensus estimate of $1.64. The firm had revenue of $2.79 billion for 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 for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.78 EPS. As a group, equities research analysts expect that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower Dividend Announcement

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

American Tower announced that its board has initiated a stock buyback 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.

Analyst Upgrades and Downgrades

AMT has been the subject of several analyst reports. Barclays increased their price objective on American Tower from $198.00 to $199.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 30th. BMO Capital Markets lifted their target price on American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Argus reaffirmed a “buy” rating and issued a $210.00 price target on shares of American Tower in a research note on Thursday, November 5th. The Goldman Sachs Group reiterated a “buy” rating on shares of American Tower in a report on Tuesday, October 27th. Finally, JPMorgan Chase & Co. cut their price objective on American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $216.11.

Insider Buying and Selling

In other news, Director Rajesh Kalathur purchased 2,829 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were bought at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the completion of the purchase, the director directly owned 7,765 shares of the company’s stock, valued at approximately $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ruth Dowling sold 952 shares of the company’s stock in a transaction on 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 in the company, valued at $4,855,772.73. This trade represents a 3.51% decrease in their ownership of the stock. 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 owned by insiders.

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.