Livforsakringsbolaget Skandia Omsesidigt lessened its stake in American Tower Corp (NYSE:AMT) by 19.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,484 shares of the real estate investment trust’s stock after selling 1,600 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in American Tower were worth $925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cullinan Associates Inc. increased its holdings in American Tower by 15.3% in the fourth quarter. Cullinan Associates Inc. now owns 36,940 shares of the real estate investment trust’s stock valued at $5,270,000 after buying an additional 4,890 shares in the last quarter. Charter Trust Co. increased its stake in shares of American Tower by 30.3% during the 4th quarter. Charter Trust Co. now owns 4,184 shares of the real estate investment trust’s stock worth $597,000 after purchasing an additional 973 shares in the last quarter. CAPROCK Group Inc. increased its stake in shares of American Tower by 19.2% during the 4th quarter. CAPROCK Group Inc. now owns 2,352 shares of the real estate investment trust’s stock worth $313,000 after purchasing an additional 379 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of American Tower by 15.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,680,599 shares of the real estate investment trust’s stock worth $239,772,000 after purchasing an additional 226,975 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in shares of American Tower by 187.9% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 12,986 shares of the real estate investment trust’s stock worth $1,853,000 after purchasing an additional 8,475 shares in the last quarter. Institutional investors own 91.56% of the company’s stock.
Several research analysts have recently commented on the stock. 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 report on Friday, November 3rd. Oppenheimer boosted their target price on shares of American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, December 20th. Morgan Stanley reissued an “overweight” rating and set a $172.00 target price on shares of American Tower in a research note on Wednesday, December 13th. KeyCorp set a $156.00 price target on shares of American Tower and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Finally, ValuEngine lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $158.60.
American Tower Corp (NYSE AMT) traded up $0.18 during mid-day trading on Monday, reaching $136.23. 3,820,973 shares of the company’s stock traded hands, compared to its average volume of 2,640,000. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42. The company has a market capitalization of $58,350.00, a P/E ratio of 51.80, a price-to-earnings-growth ratio of 1.29 and a beta of 0.77. American Tower Corp has a 12 month low of $104.73 and a 12 month high of $155.28.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were issued a dividend of $0.70 per share. This is an increase from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Wednesday, December 27th. American Tower’s dividend payout ratio is currently 106.46%.
American Tower announced that its Board of Directors has approved a share repurchase program on Thursday, December 7th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total transaction of $228,792.96. Following the completion of the sale, 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 is available at the SEC website. Also, Chairman James D. Taiclet, Jr. sold 34,667 shares of the stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $142.52, for a total transaction of $4,940,740.84. Following the sale, the chairman now directly owns 305,374 shares in the company, valued at approximately $43,521,902.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,251 shares of company stock valued at $5,885,334. 0.86% of the stock is owned by 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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