Baird Financial Group Inc. Acquires 20,542 Shares of American Tower Co. (NYSE:AMT)

Posted by Defense World Staff on Mar 15th, 2023

Baird Financial Group Inc. grew its holdings in shares of American Tower Co. (NYSE:AMT – Get Rating) by 12.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 183,583 shares of the real estate investment trust’s stock after buying an additional 20,542 shares during the quarter. Baird Financial Group Inc.’s holdings in American Tower were worth $39,415,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pinnacle Holdings LLC bought a new position in American Tower in the first quarter worth approximately $29,000. Eagle Bay Advisors LLC bought a new position in American Tower in the second quarter worth approximately $30,000. Activest Wealth Management grew its stake in American Tower by 379.3% in the third quarter. Activest Wealth Management now owns 139 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 110 shares in the last quarter. Tortoise Investment Management LLC grew its stake in American Tower by 76.8% in the third quarter. Tortoise Investment Management LLC now owns 145 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 63 shares in the last quarter. Finally, McClarren Financial Advisors Inc. purchased a new stake in American Tower during the third quarter worth $34,000. Institutional investors own 89.65% of the company’s stock.

Insiders Place Their Bets

In other American Tower news, Director Raymond P. Dolan sold 1,620 shares of the stock in a transaction dated Friday, January 13th. The stock was sold at an average price of $229.25, for a total transaction of $371,385.00. Following the sale, the director now directly owns 17,473 shares of the company’s stock, valued at approximately $4,005,685.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Rodney M. Smith sold 2,035 shares of the firm’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $220.85, for a total transaction of $449,429.75. Following the sale, the chief financial officer now directly owns 48,645 shares in the company, valued at approximately $10,743,248.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Raymond P. Dolan sold 1,620 shares of the firm’s stock in a transaction dated Friday, January 13th. The shares were sold at an average price of $229.25, for a total value of $371,385.00. Following the sale, the director now owns 17,473 shares in the company, valued at $4,005,685.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,587 shares of company stock valued at $1,947,849. Company insiders own 0.24% of the company’s stock.

American Tower Price Performance

NYSE AMT opened at $199.83 on Wednesday. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.54 and a quick ratio of 0.54. The stock’s fifty day moving average price is $213.08 and its 200 day moving average price is $216.36. American Tower Co. has a 1 year low of $178.17 and a 1 year high of $282.47. The company has a market cap of $93.05 billion, a price-to-earnings ratio of 52.04, a PEG ratio of 1.94 and a beta of 0.56.

American Tower (NYSE:AMT – Get Rating) last released its earnings results on Thursday, February 23rd. The real estate investment trust reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.16 by ($3.63). The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.68 billion. American Tower had a net margin of 16.49% and a return on equity of 15.80%. American Tower’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.18 earnings per share. As a group, equities research analysts forecast that American Tower Co. will post 9.27 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Friday, April 14th will be given a dividend of $1.56 per share. This represents a $6.24 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Thursday, April 13th. American Tower’s dividend payout ratio is currently 162.50%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Truist Financial lowered their target price on American Tower from $325.00 to $275.00 and set a “buy” rating for the company in a report on Friday, January 13th. Barclays lowered their target price on American Tower from $247.00 to $246.00 and set an “overweight” rating for the company in a report on Wednesday, February 8th. Raymond James lowered their target price on American Tower from $233.00 to $227.00 and set an “outperform” rating for the company in a report on Friday, February 24th. UBS Group lowered their target price on American Tower from $278.00 to $270.00 in a report on Tuesday, December 13th. Finally, Credit Suisse Group decreased their price objective on American Tower from $251.00 to $244.00 and set an “outperform” rating for the company in a report on Friday, February 24th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $260.31.

About American Tower

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American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant real estate properties. It offers leasing of space on communications sites to wireless service providers, radio and television broadcast companies. It operates through the following segments: U.S.