Intact Investment Management Inc. Has $3.37 Million Stake in American Tower Corporation $AMT

Intact Investment Management Inc. lifted its position in shares of American Tower Corporation (NYSE:AMT) by 82.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 17,500 shares of the real estate investment trust’s stock after purchasing an additional 7,900 shares during the quarter. Intact Investment Management Inc.’s holdings in American Tower were worth $3,366,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of AMT. Eastern Bank boosted its stake in American Tower by 69.6% during the third quarter. Eastern Bank now owns 139,091 shares of the real estate investment trust’s stock worth $26,750,000 after acquiring an additional 57,078 shares in the last quarter. Stack Financial Management Inc acquired a new stake in shares of American Tower in the 2nd quarter valued at about $13,020,000. Los Angeles Capital Management LLC grew its stake in shares of American Tower by 52.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 321,661 shares of the real estate investment trust’s stock valued at $71,094,000 after buying an additional 110,671 shares during the period. First Trust Advisors LP raised its stake in American Tower by 47.3% during the 2nd quarter. First Trust Advisors LP now owns 109,124 shares of the real estate investment trust’s stock worth $24,119,000 after buying an additional 35,037 shares during the period. Finally, Commerzbank Aktiengesellschaft FI boosted its holdings in American Tower by 92.4% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust’s stock worth $11,808,000 after acquiring an additional 29,486 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 0.4%

Shares of AMT stock opened at $179.52 on Tuesday. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $84.04 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 0.75 and a beta of 0.92. American Tower Corporation has a 52-week low of $166.88 and a 52-week high of $234.33. The company has a 50-day simple moving average of $177.49 and a two-hundred day simple moving average of $191.25.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) 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 return on equity of 28.79% and a net margin of 28.11%.American Tower’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.52 earnings per share. Research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, December 29th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Monday, December 29th. American Tower’s dividend payout ratio is 108.63%.

Insider Buying and Selling at American Tower

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AMT shares. Citigroup reaffirmed a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. The Goldman Sachs Group lowered their price objective on shares of American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 16th. New Street Research upgraded shares of American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price objective for the company in a report on Monday, January 5th. Argus set a $210.00 target price on shares of American Tower in a research report on Thursday, October 30th. Finally, HSBC dropped their price target on shares of American Tower from $235.00 to $205.00 in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $218.79.

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.