American Tower Corp (NYSE:AMT) Position Lowered by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC reduced its stake in American Tower Corp (NYSE:AMT) by 11.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,495 shares of the real estate investment trust’s stock after selling 3,226 shares during the period. Gateway Investment Advisers LLC’s holdings in American Tower were worth $3,637,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. National Pension Service increased its holdings in shares of American Tower by 4.3% in the 4th quarter. National Pension Service now owns 380,417 shares of the real estate investment trust’s stock worth $54,274,000 after buying an additional 15,834 shares during the last quarter. Vontobel Asset Management Inc. boosted its stake in shares of American Tower by 3.0% during the 4th quarter. Vontobel Asset Management Inc. now owns 1,406,463 shares of the real estate investment trust’s stock worth $205,230,000 after purchasing an additional 40,813 shares during the period. Liberty Capital Management Inc. boosted its stake in shares of American Tower by 2.1% during the 4th quarter. Liberty Capital Management Inc. now owns 19,341 shares of the real estate investment trust’s stock worth $2,572,000 after purchasing an additional 400 shares during the period. Wendell David Associates Inc. boosted its stake in shares of American Tower by 6.7% during the 4th quarter. Wendell David Associates Inc. now owns 41,133 shares of the real estate investment trust’s stock worth $5,868,000 after purchasing an additional 2,590 shares during the period. Finally, Convergence Investment Partners LLC purchased a new position in shares of American Tower during the 4th quarter worth about $1,423,000. Institutional investors own 91.56% of the company’s stock.

In other news, Director David E. Sharbutt sold 1,584 shares of the company’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 completion of the sale, the director now owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 34,667 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chairman now directly owns 305,374 shares of the company’s stock, valued at approximately $43,521,902.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,251 shares of company stock valued at $5,885,334. 0.86% of the stock is owned by corporate insiders.

A number of equities analysts recently commented on the stock. ValuEngine raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Zacks Investment Research cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Oppenheimer lifted their price target on shares of American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 20th. Morgan Stanley lifted their price target on shares of American Tower from $155.00 to $172.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 14th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $177.00 price target (up from $156.00) on shares of American Tower in a research note on Monday, November 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $158.60.

American Tower Corp (NYSE:AMT) traded down $0.83 during trading on Wednesday, reaching $135.48. 4,790,700 shares of the company’s stock traded hands, compared to its average volume of 2,790,000. The stock has a market cap of $58,460.00, a PE ratio of 51.51, a price-to-earnings-growth ratio of 1.29 and a beta of 0.77. 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 12 month low of $105.82 and a 12 month high of $155.28.

American Tower announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 7th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.07%. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date was Wednesday, December 27th. American Tower’s payout ratio is 106.46%.

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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.

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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