Marble Harbor Investment Counsel LLC Purchases 31,755 Shares of American Tower Corporation $AMT

Marble Harbor Investment Counsel LLC purchased a new stake in American Tower Corporation (NYSE:AMT) during the 3rd quarter, HoldingsChannel reports. The firm purchased 31,755 shares of the real estate investment trust’s stock, valued at approximately $5,198,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Allworth Financial LP lifted its stake in shares of American Tower by 49.3% in the 3rd quarter. Allworth Financial LP now owns 69,963 shares of the real estate investment trust’s stock valued at $11,506,000 after purchasing an additional 23,114 shares during the period. SVB Wealth LLC boosted its position in shares of American Tower by 29.5% during the third quarter. SVB Wealth LLC now owns 3,045 shares of the real estate investment trust’s stock valued at $498,000 after purchasing an additional 693 shares in the last quarter. Russell Investments Group Ltd. grew its stake in American Tower by 12.1% in the third quarter. Russell Investments Group Ltd. now owns 1,051,513 shares of the real estate investment trust’s stock worth $178,075,000 after purchasing an additional 113,768 shares during the period. Ariadne Wealth Management LP purchased a new stake in American Tower in the third quarter worth $248,000. Finally, Coston McIsaac & Partners bought a new position in American Tower in the third quarter worth $75,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Down 0.1%

American Tower stock opened at $189.96 on Friday. The firm has a market cap of $88.10 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 3.43 and a beta of 0.85. The stock has a fifty day simple moving average of $178.43 and a two-hundred day simple moving average of $177.88. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $202.50. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.30.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.64. The firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.78 earnings per share. Equities analysts predict that American Tower Corporation will post 10.80 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm 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 100.99%.

American Tower announced that its board has approved a share repurchase program on Tuesday, October 27th that permits the company to buy back $2 billion in shares. This repurchase authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

AMT has been the subject of several recent research reports. Citigroup lowered their price objective 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. Weiss Ratings downgraded shares of American Tower from a “hold (c)” rating to a “sell (d+)” rating in a research report on Wednesday, November 4th. Sanford C. Bernstein reduced their target price on shares of American Tower from $214.00 to $212.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 20th. Argus reissued a “buy” rating and set a $210.00 price target on shares of American Tower in a research report on Thursday, November 5th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 28th. One equities 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 assigned a Sell rating to the stock. According to MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average target price of $216.11.

Insider Buying and Selling

In other American Tower news, EVP Ruth T. Dowling sold 952 shares of American Tower stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $185.81, for a total value of $176,891.12. Following the sale, the executive vice president directly owned 26,133 shares in the company, valued at approximately $4,855,772.73. The trade was a 3.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur purchased 2,829 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was bought at an average price of $177.00 per share, for a total transaction of $500,733.00. Following the purchase, the director owned 7,765 shares in the company, valued at approximately $1,374,405. This represents a 57.31% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.08% of the stock is owned by corporate insiders.

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.