Meeder Asset Management Inc. lifted its position in American Tower Corp (NYSE:AMT) by 62.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,234 shares of the real estate investment trust’s stock after acquiring an additional 3,916 shares during the period. Meeder Asset Management Inc.’s holdings in American Tower were worth $1,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of AMT. Shelton Capital Management acquired a new position in American Tower during the 2nd quarter worth $380,000. Arrowstreet Capital Limited Partnership boosted its position in shares of American Tower by 3.1% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 36,900 shares of the real estate investment trust’s stock valued at $4,883,000 after purchasing an additional 1,100 shares during the period. Assetmark Inc. raised its stake in American Tower by 4.6% during the 2nd quarter. Assetmark Inc. now owns 74,362 shares of the real estate investment trust’s stock valued at $9,839,000 after acquiring an additional 3,264 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in American Tower by 18.3% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 129,964 shares of the real estate investment trust’s stock valued at $17,195,000 after acquiring an additional 20,110 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in American Tower during the 2nd quarter valued at approximately $4,251,000. 91.56% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director David E. Sharbutt sold 1,584 shares of the company’s 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 transaction, the director now owns 4,861 shares of the company’s stock, valued at $702,122.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Samme L. Thompson sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were 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 41,251 shares of company stock valued at $5,885,334 over the last quarter. 0.86% of the stock is currently owned by corporate insiders.
American Tower Corp (NYSE:AMT) traded down $0.84 during midday trading on Wednesday, reaching $135.47. 1,917,606 shares of the company’s stock traded hands, compared to its average volume of 2,717,827. 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 $106.01 and a 12-month high of $155.28. The stock has a market cap of $58,460.00, a PE ratio of 51.06, a price-to-earnings-growth ratio of 1.29 and a beta of 0.77.
American Tower announced that its board has approved a stock buyback plan 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 repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were issued a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, December 27th. This is a boost from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 dividend on an annualized basis and a yield of 2.07%. American Tower’s dividend payout ratio is currently 106.46%.
A number of equities research analysts have commented on AMT shares. Cowen reiterated a “buy” rating on shares of American Tower in a report on Tuesday, October 24th. Argus raised their price objective on American Tower to $170.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $160.00 price objective on the stock in a research report on Friday, November 3rd. Jefferies Group raised their price objective on American Tower from $144.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday, November 1st. Finally, ValuEngine raised American Tower from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus 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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