Boltwood Capital Management bought a new position in shares of American Tower Corp (NYSE:AMT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,110 shares of the real estate investment trust’s stock, valued at approximately $443,000.
Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of American Tower by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 28,442,502 shares of the real estate investment trust’s stock valued at $3,763,512,000 after purchasing an additional 881,020 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of American Tower by 5.4% during the 3rd quarter. Janus Henderson Group PLC now owns 7,868,533 shares of the real estate investment trust’s stock valued at $1,075,458,000 after purchasing an additional 400,117 shares during the last quarter. Northern Trust Corp grew its holdings in shares of American Tower by 9.2% during the 2nd quarter. Northern Trust Corp now owns 6,566,346 shares of the real estate investment trust’s stock valued at $868,858,000 after purchasing an additional 550,608 shares during the last quarter. Edgewood Management LLC grew its holdings in shares of American Tower by 1.6% during the 3rd quarter. Edgewood Management LLC now owns 6,326,717 shares of the real estate investment trust’s stock valued at $864,736,000 after purchasing an additional 99,052 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of American Tower by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,164,598 shares of the real estate investment trust’s stock valued at $432,537,000 after purchasing an additional 166,910 shares during the last quarter. 91.79% of the stock is currently owned by hedge funds and other institutional investors.
American Tower Corp (NYSE:AMT) traded down $0.64 during trading hours on Thursday, reaching $147.06. 2,351,036 shares of the company’s stock were exchanged, compared to its average volume of 2,390,000. The company has a market cap of $63,390.00, a price-to-earnings ratio of 55.92, a P/E/G ratio of 1.37 and a beta of 0.73. The company has a debt-to-equity ratio of 2.61, a quick ratio of 1.42 and a current ratio of 1.42. American Tower Corp has a 1-year low of $102.91 and a 1-year high of $155.28.
American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.92). American Tower had a return on equity of 16.98% and a net margin of 18.63%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. sell-side analysts anticipate that American Tower Corp will post 6.53 EPS for the current fiscal year.
American Tower declared that its Board of Directors has authorized a stock repurchase plan on Thursday, December 7th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th were paid a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, December 27th. This is a positive change from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.90%. American Tower’s payout ratio is currently 106.46%.
In related news, Director David E. Sharbutt sold 1,584 shares of the firm’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 of the company’s stock, valued at $702,122.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Samme L. Thompson sold 5,000 shares of the firm’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 sold 75,251 shares of company stock valued at $11,026,134 over the last quarter. Company insiders own 0.86% of the company’s stock.
Several equities research analysts have weighed in on AMT shares. Zacks Investment Research raised shares of American Tower from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a research report on Tuesday, January 2nd. Morgan Stanley reissued an “overweight” rating and set a $172.00 price target on shares of American Tower in a research report on Wednesday, December 13th. Oppenheimer raised their target price on shares of American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 20th. Argus raised their target price on shares of American Tower to $170.00 and gave the stock a “buy” rating in a research report on Thursday, November 9th. Finally, Jefferies Group raised their target price on shares of American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. American Tower currently has an average rating of “Buy” and an average target price of $158.60.
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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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