Boltwood Capital Management bought a new position in shares of American Tower Corp (NYSE:AMT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,110 shares of the real estate investment trust’s stock, valued at approximately $443,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. CIBC World Markets Inc. lifted its stake in shares of American Tower by 100.6% during the 2nd quarter. CIBC World Markets Inc. now owns 21,261 shares of the real estate investment trust’s stock worth $2,813,000 after buying an additional 10,663 shares during the last quarter. Vident Investment Advisory LLC raised its stake in American Tower by 166.9% in the 3rd quarter. Vident Investment Advisory LLC now owns 4,019 shares of the real estate investment trust’s stock worth $550,000 after purchasing an additional 2,513 shares in the last quarter. BB&T Corp raised its stake in American Tower by 3.1% in the 3rd quarter. BB&T Corp now owns 37,161 shares of the real estate investment trust’s stock worth $5,079,000 after purchasing an additional 1,104 shares in the last quarter. Heritage Investors Management Corp raised its stake in American Tower by 13.9% in the 3rd quarter. Heritage Investors Management Corp now owns 23,902 shares of the real estate investment trust’s stock worth $3,267,000 after purchasing an additional 2,915 shares in the last quarter. Finally, Zions Bancorporation raised its stake in American Tower by 4,708.4% in the 3rd quarter. Zions Bancorporation now owns 3,991 shares of the real estate investment trust’s stock worth $546,000 after purchasing an additional 3,908 shares in the last quarter. Institutional investors own 91.61% of the company’s stock.
Several analysts have weighed in on the stock. Jefferies Group lifted their price objective on shares of American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, November 1st. KeyCorp reissued an “overweight” rating and issued a $177.00 target price (up from $156.00) on shares of American Tower in a report on Monday, November 27th. Argus raised their target price on shares of American Tower to $170.00 and gave the company a “buy” rating in a report on Thursday, November 9th. SunTrust Banks reissued a “buy” rating on shares of American Tower in a report on Wednesday, September 20th. Finally, Cowen reissued a “buy” rating on shares of American Tower in a report on Tuesday, October 24th. One investment analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $158.60.
In other news, Director David E. Sharbutt sold 1,584 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total value of $228,792.96. Following the transaction, the director now owns 4,861 shares in the company, valued at approximately $702,122.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Samme L. Thompson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total transaction of $715,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 109,251 shares of company stock worth $15,765,734 over the last three months. Insiders own 0.86% of the company’s stock.
Shares of American Tower Corp (NYSE AMT) opened at $141.05 on Wednesday. The stock has a market cap of $60,490.00, a P/E ratio of 53.63, a P/E/G ratio of 1.46 and a beta of 0.73. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61. American Tower Corp has a 1-year low of $102.51 and a 1-year high of $155.28.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 1.99%. This is a positive change from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, December 27th. American Tower’s payout ratio is presently 106.46%.
American Tower declared that its Board of Directors has initiated a share buyback program on Thursday, December 7th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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American Tower Company 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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