Canal Capital Management LLC Buys New Stake in American Tower Co. (NYSE:AMT)

25 Oct 2024, 15:42 by Michael Walen · The Markets Daily

Canal Capital Management LLC purchased a new position in shares of American Tower Co. (NYSE:AMT – Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 867 shares of the real estate investment trust’s stock, valued at approximately $202,000.

Other institutional investors also recently added to or reduced their stakes in the company. Cultivar Capital Inc. bought a new position in shares of American Tower during the 2nd quarter worth approximately $25,000. Fairscale Capital LLC bought a new position in shares of American Tower during the second quarter valued at $27,000. Hobbs Group Advisors LLC acquired a new stake in shares of American Tower in the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC bought a new stake in shares of American Tower in the 3rd quarter worth about $30,000. Finally, Family Firm Inc. acquired a new stake in shares of American Tower during the 2nd quarter worth about $35,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at American Tower

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AMT shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. raised their price target on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Royal Bank of Canada boosted their price objective on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Barclays raised their target price on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, BMO Capital Markets upped their price target on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, September 13th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $237.92.

View Our Latest Stock Report on AMT

American Tower Stock Up 0.7 %

Shares of NYSE:AMT opened at $227.40 on Friday. The company has a 50 day moving average of $228.58 and a 200-day moving average of $207.19. American Tower Co. has a one year low of $162.55 and a one year high of $243.56. The stock has a market cap of $106.21 billion, a price-to-earnings ratio of 42.46, a P/E/G ratio of 1.08 and a beta of 0.83. 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 issued its earnings results 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 net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the previous year, the firm posted $2.46 EPS. The business’s revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts forecast that American Tower Co. will post 10.12 earnings per share for the current year.

American Tower Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is currently 121.80%.

About American Tower

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