Mitchell Sinkler & Starr PA Increases Position in American Tower Co. (REIT) (NYSE:AMT)

Mitchell Sinkler & Starr PA raised its holdings in shares of American Tower Co. (REIT) (NYSE:AMT) by 10.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,594 shares of the real estate investment trust’s stock after purchasing an additional 154 shares during the quarter. Mitchell Sinkler & Starr PA’s holdings in American Tower were worth $423,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in AMT. Vanguard Group Inc. boosted its position in shares of American Tower by 2.1% during the second quarter. Vanguard Group Inc. now owns 57,918,458 shares of the real estate investment trust’s stock valued at $15,646,092,000 after buying an additional 1,177,194 shares during the period. Amundi purchased a new position in shares of American Tower during the second quarter valued at approximately $300,367,000. Morgan Stanley boosted its position in shares of American Tower by 26.7% during the second quarter. Morgan Stanley now owns 4,272,674 shares of the real estate investment trust’s stock valued at $1,154,222,000 after buying an additional 900,101 shares during the period. State Street Corp boosted its position in shares of American Tower by 5.0% during the second quarter. State Street Corp now owns 18,105,368 shares of the real estate investment trust’s stock valued at $4,913,452,000 after buying an additional 867,164 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of American Tower by 24.2% during the second quarter. The Manufacturers Life Insurance Company now owns 3,758,953 shares of the real estate investment trust’s stock valued at $1,015,444,000 after buying an additional 732,847 shares during the period. Institutional investors and hedge funds own 89.57% of the company’s stock.

In other news, Director Joann A. Reed sold 866 shares of the business’s stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $260.50, for a total transaction of $225,593.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert D. Hormats sold 100 shares of the business’s stock in a transaction on Tuesday, August 24th. The shares were sold at an average price of $289.49, for a total transaction of $28,949.00. Following the sale, the director now directly owns 6,340 shares in the company, valued at $1,835,366.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,705 shares of company stock worth $476,767. Insiders own 0.68% of the company’s stock.

Shares of AMT stock opened at $258.96 on Friday. The business’s fifty day simple moving average is $277.38 and its 200-day simple moving average is $274.17. The company has a market cap of $117.93 billion, a PE ratio of 47.08, a PEG ratio of 2.17 and a beta of 0.30. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 3.32. American Tower Co. has a 12-month low of $197.50 and a 12-month high of $303.72.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.69). The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.41 billion. American Tower had a return on equity of 39.34% and a net margin of 27.44%. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.23 earnings per share. On average, equities analysts forecast that American Tower Co. will post 9.18 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th were given a dividend of $1.31 per share. The ex-dividend date of this dividend was Monday, September 27th. This is an increase from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.02%. American Tower’s dividend payout ratio is presently 95.27%.

AMT has been the subject of several research analyst reports. Truist lifted their price target on shares of American Tower from $280.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, July 30th. Oppenheimer downgraded shares of American Tower from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $305.00 to $300.00 in a research note on Friday, September 10th. Morgan Stanley lifted their price target on shares of American Tower from $270.00 to $316.00 and gave the company an “equal weight” rating in a research note on Friday, September 10th. They noted that the move was a valuation call. Credit Suisse Group lifted their price target on shares of American Tower from $324.00 to $328.00 and gave the company an “outperform” rating in a research note on Friday, October 29th. Finally, Argus lifted their price target on shares of American Tower from $288.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, August 12th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, American Tower currently has a consensus rating of “Buy” and a consensus target price of $299.14.

About American Tower

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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