Traders Buy Shares of American Tower (AMT) on Weakness

Investors purchased shares of American Tower Corp (NYSE:AMT) on weakness during trading on Thursday. $102.48 million flowed into the stock on the tick-up and $82.72 million flowed out of the stock on the tick-down, for a money net flow of $19.76 million into the stock. Of all stocks tracked, American Tower had the 23rd highest net in-flow for the day. American Tower traded down ($2.64) for the day and closed at $134.97

A number of analysts have commented on AMT shares. Morgan Stanley reiterated an “overweight” rating and issued a $172.00 price objective on shares of American Tower in a report on Wednesday, December 13th. Argus increased their price objective on shares of American Tower to $170.00 and gave the company a “buy” rating in a report on Thursday, November 9th. Zacks Investment Research upgraded shares of American Tower from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a report on Friday, November 3rd. Jefferies Group increased their price objective on shares of American Tower from $144.00 to $163.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Finally, ValuEngine downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $158.60.

The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61. The stock has a market cap of $59,100.00, a P/E ratio of 51.32, a price-to-earnings-growth ratio of 1.46 and a beta of 0.73.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th will be paid a $0.70 dividend. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. American Tower’s dividend payout ratio is 106.46%.

American Tower announced that its board has authorized a stock repurchase plan on Thursday, December 7th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

In related news, Director Samme L. Thompson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $143.16, for a total transaction of $715,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the transaction, the director now directly owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The disclosure for this sale can be found here. In the last three months, insiders sold 109,251 shares of company stock valued at $15,765,734. Corporate insiders own 0.86% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. LVM Capital Management Ltd. MI boosted its position in shares of American Tower by 11.6% during the 4th quarter. LVM Capital Management Ltd. MI now owns 57,741 shares of the real estate investment trust’s stock worth $8,238,000 after purchasing an additional 5,986 shares during the period. Waverton Investment Management Ltd boosted its position in shares of American Tower by 1.2% during the 4th quarter. Waverton Investment Management Ltd now owns 49,729 shares of the real estate investment trust’s stock worth $7,095,000 after purchasing an additional 605 shares during the period. Bath Savings Trust Co boosted its position in shares of American Tower by 11.6% during the 4th quarter. Bath Savings Trust Co now owns 47,773 shares of the real estate investment trust’s stock worth $6,816,000 after purchasing an additional 4,965 shares during the period. Boltwood Capital Management purchased a new position in shares of American Tower during the 4th quarter worth approximately $443,000. Finally, DnB Asset Management AS boosted its position in shares of American Tower by 1.5% during the 4th quarter. DnB Asset Management AS now owns 48,702 shares of the real estate investment trust’s stock worth $6,948,000 after purchasing an additional 700 shares during the period. 91.61% of the stock is owned by hedge funds and other institutional investors.

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About American Tower

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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