Bank of New York Mellon Corp Sells 31,358 Shares of American Tower Corporation $AMT

Bank of New York Mellon Corp lessened its holdings in shares of American Tower Corporation (NYSE:AMT) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,758,610 shares of the real estate investment trust’s stock after selling 31,358 shares during the quarter. Bank of New York Mellon Corp owned 0.59% of American Tower worth $530,536,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of AMT. Abound Wealth Management grew its holdings in shares of American Tower by 137.3% during the third quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 81 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of American Tower in the 2nd quarter worth about $31,000. Root Financial Partners LLC bought a new position in American Tower in the 3rd quarter valued at about $32,000. VSM Wealth Advisory LLC boosted its stake in American Tower by 136.4% during the 2nd quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 90 shares during the last quarter. Finally, Salomon & Ludwin LLC increased its holdings in American Tower by 147.9% during the 3rd quarter. Salomon & Ludwin LLC now owns 181 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 108 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wells Fargo & Company dropped their target price on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, October 29th. Wall Street Zen raised American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. TD Cowen dropped their price objective on American Tower from $249.00 to $235.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Raymond James Financial reduced their target price on shares of American Tower from $231.00 to $229.00 and set a “strong-buy” rating for the company in a research note on Friday, January 23rd. Finally, New Street Research raised shares of American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price target on the stock in a research report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.79.

American Tower Trading Down 1.5%

Shares of American Tower stock opened at $177.34 on Thursday. The firm has a market cap of $83.02 billion, a PE ratio of 28.33, a P/E/G ratio of 0.75 and a beta of 0.92. American Tower Corporation has a 1 year low of $166.88 and a 1 year high of $234.33. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a fifty day moving average price of $177.40 and a 200-day moving average price of $190.88.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.14. The company had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.52 earnings per share. Equities research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, December 29th will be paid a dividend of $1.70 per share. The ex-dividend date is Monday, December 29th. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. American Tower’s dividend payout ratio (DPR) is presently 108.63%.

Insider Buying and Selling

In other news, Director Eugene F. Reilly acquired 5,554 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The shares were acquired at an average price of $178.99 per share, for a total transaction of $994,110.46. Following the completion of the purchase, the director owned 5,689 shares in the company, valued at approximately $1,018,274.11. This trade represents a 4,114.07% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the completion of the sale, the insider directly owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This represents a 91.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.18% of the company’s stock.

American Tower Company Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.