Bank of New York Mellon Corp Trims Stock Holdings in American Tower Corporation $AMT

Bank of New York Mellon Corp trimmed its stake in shares of American Tower Corporation (NYSE:AMT) by 1.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm 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’s holdings in American Tower were worth $530,536,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in AMT. Abound Wealth Management increased its position 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 period. Legacy Investment Solutions LLC bought a new position in shares of American Tower in the second quarter valued at approximately $31,000. Root Financial Partners LLC purchased a new position in American Tower during the third quarter valued at approximately $32,000. VSM Wealth Advisory LLC increased its holdings 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 worth $34,000 after acquiring an additional 90 shares during the period. Finally, Salomon & Ludwin LLC lifted its stake in American Tower by 147.9% in 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 own 92.69% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total value of $159,631,314.75. Following the transaction, the insider owned 211,379 shares in the company, valued at $14,743,685.25. This trade represents a 91.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eugene F. Reilly purchased 5,554 shares of the business’s 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 of the company’s stock, valued at approximately $1,018,274.11. This trade represents a 4,114.07% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.18% of the stock is currently owned by corporate insiders.

American Tower Price Performance

AMT opened at $177.34 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24. The stock has a market capitalization of $83.02 billion, a P/E ratio of 28.33, a PEG ratio of 0.75 and a beta of 0.92. The stock has a 50-day moving average price of $177.40 and a 200-day moving average price of $190.88. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.52 EPS. Equities analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently commented on AMT. Wells Fargo & Company reduced their price target on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. Argus set a $210.00 price objective on American Tower in a research note on Thursday, October 30th. Morgan Stanley decreased their target price on American Tower from $255.00 to $235.00 and set an “overweight” rating on the stock in a research note on Thursday, December 4th. Barclays reiterated an “equal weight” rating and set a $200.00 price target (down previously from $203.00) on shares of American Tower in a research report on Monday, December 1st. Finally, Wall Street Zen upgraded shares of American Tower from a “sell” rating to a “hold” rating in a research report on Sunday, October 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average target price of $218.79.

About American Tower

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.