Segment Wealth Management LLC raised its holdings in American Tower Corp (NYSE:AMT) by 7.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,678 shares of the real estate investment trust’s stock after acquiring an additional 1,483 shares during the quarter. Segment Wealth Management LLC’s holdings in American Tower were worth $3,093,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Janus Henderson Group PLC increased its position in American Tower by 1,886.3% during the second quarter. Janus Henderson Group PLC now owns 7,468,416 shares of the real estate investment trust’s stock worth $988,214,000 after acquiring an additional 7,092,413 shares during the period. Dimensional Fund Advisors LP increased its holdings in American Tower by 823.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,606,119 shares of the real estate investment trust’s stock valued at $212,525,000 after buying an additional 1,432,155 shares during the period. Atlantic Trust Group LLC increased its holdings in American Tower by 89.8% in the 3rd quarter. Atlantic Trust Group LLC now owns 1,896,026 shares of the real estate investment trust’s stock valued at $259,148,000 after buying an additional 897,138 shares during the period. Winslow Capital Management LLC increased its holdings in American Tower by 36.5% in the 2nd quarter. Winslow Capital Management LLC now owns 2,539,716 shares of the real estate investment trust’s stock valued at $336,055,000 after buying an additional 679,096 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. increased its holdings in American Tower by 783.8% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 677,573 shares of the real estate investment trust’s stock valued at $92,611,000 after buying an additional 600,910 shares during the period. Hedge funds and other institutional investors own 91.56% of the company’s stock.
In related news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $142.52, for a total value of $4,940,740.84. Following the transaction, the chairman now owns 305,374 shares in the company, valued at $43,521,902.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David E. Sharbutt sold 1,584 shares of American Tower stock in a transaction dated 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 transaction, the director now owns 4,861 shares in the company, valued at approximately $702,122.84. The disclosure for this sale can be found here. Insiders have sold a total of 41,251 shares of company stock worth $5,885,334 in the last quarter. Company insiders own 0.86% of the company’s stock.
Shares of American Tower Corp (NYSE AMT) opened at $135.48 on Thursday. American Tower Corp has a twelve month low of $105.82 and a twelve month high of $155.28. The stock has a market capitalization of $58,460.00, a price-to-earnings ratio of 51.51, a price-to-earnings-growth ratio of 1.29 and a beta of 0.77. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61.
American Tower declared that its board has initiated a share buyback plan on Thursday, December 7th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th were given a dividend of $0.70 per share. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date was Wednesday, December 27th. This represents a $2.80 annualized dividend and a yield of 2.07%. American Tower’s dividend payout ratio (DPR) is presently 106.46%.
AMT has been the topic of several recent analyst reports. Macquarie boosted their target price on shares of American Tower from $162.00 to $165.00 and gave the company an “outperform” rating in a research note on Wednesday, November 1st. KeyCorp set a $156.00 price target on shares of American Tower and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Argus upped their price target on shares of American Tower to $170.00 and gave the stock a “buy” rating in a research report on Thursday, November 9th. Cowen reiterated a “buy” rating on shares of American Tower in a research report on Tuesday, October 24th. Finally, Morgan Stanley restated an “overweight” rating and set a $172.00 target price on shares of American Tower in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have given a buy rating to the company’s stock. American Tower has a consensus rating of “Buy” and a consensus price target 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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