OLD National Bancorp IN Boosts Position in American Tower Co. (NYSE:AMT)

OLD National Bancorp IN grew its stake in shares of American Tower Co. (NYSE:AMT) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,691 shares of the real estate investment trust’s stock after buying an additional 341 shares during the period. OLD National Bancorp IN’s holdings in American Tower were worth $2,021,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of AMT. Cyndeo Wealth Partners LLC increased its holdings in American Tower by 38.1% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 17,882 shares of the real estate investment trust’s stock worth $4,159,000 after acquiring an additional 4,938 shares during the period. DMC Group LLC grew its position in shares of American Tower by 12.2% during the 3rd quarter. DMC Group LLC now owns 2,184 shares of the real estate investment trust’s stock valued at $508,000 after purchasing an additional 237 shares in the last quarter. Resonant Capital Advisors LLC bought a new position in shares of American Tower in the third quarter worth $245,000. Mitsubishi UFJ Asset Management UK Ltd. purchased a new stake in shares of American Tower in the third quarter worth $1,628,000. Finally, Friedenthal Financial bought a new stake in American Tower during the third quarter valued at $804,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at American Tower

In related news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value 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 $14,223,890. 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 available at this link. Also, EVP Olivier Puech sold 10,005 shares of the 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 owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 over the last quarter. 0.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

AMT has been the topic of several recent analyst reports. BMO Capital Markets raised their price target on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, September 13th. The Goldman Sachs Group started coverage on shares of American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 target price for the company. Barclays increased their price target on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Finally, TD Cowen upped their target price on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $237.92.

American Tower Trading Up 1.0 %

Shares of AMT stock opened at $226.30 on Monday. The business has a 50-day moving average of $228.62 and a 200 day moving average of $206.61. 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 Co. has a 1-year low of $157.25 and a 1-year high of $243.56. The stock has a market capitalization of $105.70 billion, a PE ratio of 42.54, a P/E/G ratio of 1.03 and a beta of 0.83.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates 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 prior year, the company posted $2.46 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, sell-side analysts anticipate that American Tower Co. will post 10.12 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 2.86%. American Tower’s dividend payout ratio (DPR) is presently 121.80%.

American Tower Company Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.