Meyer Handelman Co. Invests $217,000 in American Tower Co. (NYSE:AMT)

13 Oct 2024, 06:45 by Teresa Graham · The Cerbat Gem

Meyer Handelman Co. bought a new stake in American Tower Co. (NYSE:AMT – Free Report) during the third quarter, according to its most recent filing with the SEC. The firm bought 935 shares of the real estate investment trust’s stock, valued at approximately $217,000.

Several other institutional investors have also recently bought and sold shares of the company. NBT Bank N A NY increased its stake in shares of American Tower by 3.3% during the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock worth $329,000 after purchasing an additional 54 shares during the period. O Brien Greene & Co. Inc lifted its holdings in shares of American Tower by 2.3% during the second quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after buying an additional 55 shares in the last quarter. CFO4Life Group LLC boosted its position in shares of American Tower by 5.4% in the first quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock valued at $221,000 after acquiring an additional 57 shares during the period. Tyche Wealth Partners LLC increased its position in American Tower by 4.9% during the second quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock worth $242,000 after acquiring an additional 58 shares during the period. Finally, Adirondack Trust Co. raised its stake in American Tower by 2.1% in the 1st quarter. Adirondack Trust Co. now owns 2,813 shares of the real estate investment trust’s stock worth $556,000 after purchasing an additional 59 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the topic of several recent research reports. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $245.00 to $230.00 in a report on Thursday. The Goldman Sachs Group initiated coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 target price for the company. BMO Capital Markets raised their price target on American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, September 13th. Royal Bank of Canada upped their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Finally, Barclays boosted their target price on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday. Three 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 MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and a consensus price target of $235.21.

Get Our Latest Analysis on American Tower

American Tower Stock Up 0.6 %

Shares of NYSE AMT opened at $219.27 on Friday. American Tower Co. has a 1 year low of $157.25 and a 1 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. The firm has a market cap of $102.42 billion, a PE ratio of 41.22, a price-to-earnings-growth ratio of 1.00 and a beta of 0.83. The company has a 50 day simple moving average of $228.56 and a 200 day simple moving average of $205.45.

American Tower (NYSE:AMT – Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. American Tower’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.46 EPS. On average, research analysts forecast that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.96%. American Tower’s payout ratio is 121.80%.

Insider Transactions at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,723 shares of company stock worth $7,795,397. Company insiders own 0.18% of the company’s stock.

American Tower Profile

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