Wealthstreet Investment Advisors LLC purchased 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 & Exchange Commission. The firm purchased 17,055 shares of the real estate investment trust’s stock, valued at approximately $2,433,000.
A number of other large investors also recently bought and sold shares of the business. Howe & Rusling Inc. increased its stake in American Tower by 1,608.0% during the 3rd quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock worth $117,000 after buying an additional 804 shares during the period. Legacy Advisors LLC purchased a new stake in American Tower during the 3rd quarter worth $132,000. Fieldpoint Private Securities LLC increased its stake in American Tower by 69.6% during the 3rd quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock worth $145,000 after buying an additional 435 shares during the period. Americafirst Capital Management LLC purchased a new stake in American Tower during the 3rd quarter worth $173,000. Finally, Resources Investment Advisors Inc. increased its stake in American Tower by 51.1% during the 4th quarter. Resources Investment Advisors Inc. now owns 1,428 shares of the real estate investment trust’s stock worth $203,000 after buying an additional 483 shares during the period. 92.19% of the stock is currently owned by institutional investors.
American Tower Corp (NYSE:AMT) traded up $3.80 during midday trading on Monday, hitting $140.02. 3,024,700 shares of the company were exchanged, compared to its average volume of 2,874,264. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42. American Tower Corp has a twelve month low of $107.66 and a twelve month high of $155.28. The company has a market cap of $60,050.00, a P/E ratio of 53.24, a P/E/G ratio of 1.33 and a beta of 0.77.
American Tower announced that its board has approved a stock buyback 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 purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Several research firms recently issued reports on AMT. Zacks Investment Research downgraded shares of American Tower from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Oppenheimer raised their price objective on shares of American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, December 20th. Morgan Stanley reissued an “overweight” rating and set a $172.00 price objective on shares of American Tower in a report on Wednesday, December 13th. ValuEngine lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $177.00 price target (up from $156.00) on shares of American Tower in a report on Monday, November 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $158.60.
In other American Tower news, Director Samme L. Thompson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $143.16, for a total value of $715,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David E. Sharbutt sold 1,584 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was 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 directly owns 4,861 shares of the company’s stock, valued at $702,122.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,251 shares of company stock worth $5,885,334. 0.86% of the stock is currently owned by insiders.
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American Tower Company 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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