CHICAGO TRUST Co NA Acquires 2,040 Shares of American Tower Co. (NYSE:AMT)

13 Oct 2024, 08:56 by Teresa Graham · The Cerbat Gem

CHICAGO TRUST Co NA increased its holdings in shares of American Tower Co. (NYSE:AMT – Free Report) by 71.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,908 shares of the real estate investment trust’s stock after purchasing an additional 2,040 shares during the quarter. CHICAGO TRUST Co NA’s holdings in American Tower were worth $1,141,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in AMT. Northwest Investment Counselors LLC bought a new stake in shares of American Tower during the first quarter valued at approximately $25,000. Cultivar Capital Inc. bought a new stake in American Tower in the 2nd quarter valued at $25,000. Fairscale Capital LLC purchased a new stake in American Tower in the 2nd quarter worth $27,000. Hobbs Group Advisors LLC bought a new position in shares of American Tower during the 2nd quarter valued at about $29,000. Finally, SOA Wealth Advisors LLC. purchased a new position in shares of American Tower during the first quarter valued at about $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,723 shares of company stock valued at $7,795,397. Company insiders own 0.18% of the company’s stock.

American Tower Price Performance

Shares of AMT stock opened at $219.27 on Friday. The company has a market capitalization of $102.42 billion, a P/E ratio of 41.22, a P/E/G ratio of 1.00 and a beta of 0.83. The company’s 50-day simple moving average is $228.56 and its two-hundred day simple moving average is $205.45. American Tower Co. has a one year low of $157.25 and a one year high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the business earned $2.46 earnings per share. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, equities analysts anticipate that American Tower Co. will post 10.13 EPS for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.96%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is 121.80%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AMT. Royal Bank of Canada increased their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. TD Cowen increased their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Barclays boosted their target price on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, BMO Capital Markets upped their price objective on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.21.

Check Out Our Latest Stock Analysis on American Tower

About American Tower

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