American Tower Corporation $AMT Stock Bought by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC lifted its holdings in shares of American Tower Corporation (NYSE:AMT) by 41.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 83,245 shares of the real estate investment trust’s stock after purchasing an additional 24,585 shares during the period. American Tower comprises about 0.6% of Soltis Investment Advisors LLC’s investment portfolio, making the stock its 27th biggest position. Soltis Investment Advisors LLC’s holdings in American Tower were worth $13,626,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in AMT. Operose Advisors LLC bought a new stake in American Tower in the second quarter worth $25,000. Allied Private Wealth LLC bought a new position in shares of American Tower during the second quarter valued at about $29,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of American Tower during the second quarter valued at about $33,000. SBI Securities Co. Ltd. bought a new position in shares of American Tower during the third quarter valued at about $35,000. Finally, Kelleher Financial Advisors purchased a new position in shares of American Tower in the second quarter worth about $37,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

AMT stock opened at $185.63 on Friday. The firm’s 50-day moving average price is $175.61 and its two-hundred day moving average price is $177.27. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $202.50. The stock has a market capitalization of $86.50 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 2.95 and a beta of 0.88. The company has a current ratio of 0.51, a quick ratio of 0.52 and a debt-to-equity ratio of 3.30.

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, meeting the consensus estimate of $1.64. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.76 billion. American Tower had a net margin of 30.10% and a return on equity of 32.71%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.78 earnings per share. As a group, equities analysts predict that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Wednesday, September 30th were given a dividend of $1.79 per share. 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 3.9%. American Tower’s dividend payout ratio is presently 98.49%.

American Tower declared that its Board of Directors has approved a share repurchase plan on Tuesday, October 27th that allows the company to repurchase $2 billion in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AMT shares. Citigroup lowered their target price on American Tower from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. decreased their price target on American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday. Barclays lifted their price target on American Tower from $198.00 to $199.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 30th. BMO Capital Markets boosted their price objective 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. Finally, Weiss Ratings raised American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average target price of $216.28.

More American Tower News

Here are the key news stories impacting American Tower this week:

• Positive Sentiment: Management raised its full-year outlook again after third-quarter results, while attributable adjusted funds from operations per share increased. The results suggest cash generation remains resilient despite the initial post-earnings pullback. American Tower Stock Price Dips As Q3 Results Lift Guidance
• Positive Sentiment: CoreSite, American Tower’s data-center business, continued to report rising revenue, supporting the company’s growth outlook beyond its traditional wireless-tower operations. Why Is CoreSite Lifting American Tower Guidance Again?
• Positive Sentiment: The board authorized a $2 billion share-repurchase program. Buybacks can support per-share results and signal that management views AMT shares as undervalued. Stock Repurchase Plan Approved by American Tower Board
• Positive Sentiment: Analyst coverage remains constructive overall: Citigroup maintained a “buy” rating and JPMorgan maintained an “overweight” rating, leaving substantial upside in their revised targets. Analysts Offer Insights on Real Estate Companies
• Neutral Sentiment: Articles comparing AMT with finance and real-estate peers indicate the stock’s year-to-date performance is being evaluated favorably relative to parts of its sector, but the analyst outlook across real-estate stocks remains mixed. Is American Tower Stock Outpacing Its Finance Peers This Year?
• Negative Sentiment: Citigroup lowered its AMT price target to $220 from $225, while JPMorgan cut its target to $230 from $240. Although both firms remain bullish, the reductions indicate more cautious valuation assumptions. JPMorgan American Tower Rating

Insider Buying and Selling

In other American Tower news, Director Rajesh Kalathur acquired 2,829 shares of the company’s stock in a transaction on Friday, August 21st. The stock was acquired at an average price of $177.00 per share, for a total transaction of $500,733.00. Following the acquisition, the director owned 7,765 shares in the company, valued at $1,374,405. This represents a 57.31% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.08% of the stock is owned by insiders.

American Tower Profile

American Tower Corporation (NYSE:AMT) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftop sites, distributed antenna systems and other infrastructure used by wireless carriers, broadcasters, governments and businesses to support voice, data and video communications.

The company leases space on its sites to multiple customers, allowing them to install antennas and related equipment without building and maintaining individual tower locations.