Friedberg Investment Management lessened its holdings in American Tower Corp (NYSE:AMT) by 67.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,710 shares of the real estate investment trust’s stock after selling 43,463 shares during the period. American Tower makes up 4.6% of Friedberg Investment Management’s investment portfolio, making the stock its 2nd largest position. Friedberg Investment Management’s holdings in American Tower were worth $2,831,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in American Tower by 2.4% during the first quarter. Dimensional Fund Advisors LP now owns 173,964 shares of the real estate investment trust’s stock worth $21,140,000 after buying an additional 4,068 shares in the last quarter. Heritage Investors Management Corp lifted its stake in shares of American Tower by 3.3% during the second quarter. Heritage Investors Management Corp now owns 20,987 shares of the real estate investment trust’s stock worth $2,777,000 after purchasing an additional 677 shares in the last quarter. Private Trust Co. NA lifted its stake in shares of American Tower by 4.0% during the second quarter. Private Trust Co. NA now owns 13,298 shares of the real estate investment trust’s stock worth $1,759,000 after purchasing an additional 510 shares in the last quarter. Fulton Bank N.A. acquired a new position in shares of American Tower during the second quarter worth about $215,000. Finally, Appleton Partners Inc. MA lifted its stake in shares of American Tower by 4.3% during the second quarter. Appleton Partners Inc. MA now owns 69,703 shares of the real estate investment trust’s stock worth $9,223,000 after purchasing an additional 2,848 shares in the last quarter. Hedge funds and other institutional investors own 91.89% of the company’s stock.
A number of brokerages have commented on AMT. ValuEngine cut American Tower from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. KeyCorp reaffirmed an “overweight” rating and set a $177.00 target price (up from $156.00) on shares of American Tower in a report on Monday, November 27th. Morgan Stanley boosted their price objective on American Tower from $155.00 to $172.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 14th. Zacks Investment Research downgraded American Tower from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, Argus upped their price target on shares of American Tower to $170.00 and gave the stock a “buy” rating in a research note on Thursday, November 9th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $158.50.
Shares of American Tower Corp (NYSE AMT) traded up $2.31 during mid-day trading on Thursday, reaching $144.11. 2,174,525 shares of the company’s stock traded hands, compared to its average volume of 1,979,601. The firm has a market cap of $60,810.00, a price-to-earnings ratio of 21.79, a P/E/G ratio of 1.66 and a beta of 0.72. American Tower Corp has a 12-month low of $101.77 and a 12-month high of $155.28. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th will be paid a dividend of $0.70 per share. This is a positive change from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 annualized dividend and a dividend yield of 1.94%. American Tower’s payout ratio is currently 100.38%.
In related news, Chairman James D. Taiclet, Jr. sold 34,000 shares of American Tower stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $139.40, for a total transaction of $4,739,600.00. Following the completion of the sale, the chairman now owns 304,707 shares of the company’s stock, valued at approximately $42,476,155.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Edmund Disanto sold 10,000 shares of American Tower stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $137.95, for a total transaction of $1,379,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 122,000 shares of company stock worth $17,580,160 over the last 90 days. 0.86% of the stock is owned by company insiders.
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American Tower Profile
American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.
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