Norinchukin Bank The raised its stake in American Tower Corp (NYSE:AMT) by 7.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 34,288 shares of the real estate investment trust’s stock after acquiring an additional 2,344 shares during the quarter. Norinchukin Bank The’s holdings in American Tower were worth $4,892,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Legacy Advisors LLC purchased a new stake in shares of American Tower in the third quarter valued at approximately $132,000. Fieldpoint Private Securities LLC increased its position in shares of American Tower by 69.6% in the third quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 435 shares in the last quarter. Americafirst Capital Management LLC purchased a new stake in shares of American Tower in the third quarter valued at approximately $173,000. Pinebridge Investments L.P. purchased a new stake in shares of American Tower in the fourth quarter valued at approximately $182,000. Finally, SNS Financial Group LLC purchased a new stake in shares of American Tower in the fourth quarter valued at approximately $201,000. 92.19% of the stock is owned by institutional investors.
In related news, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the transaction, the director now owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 value of $4,940,740.84. Following the transaction, 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. In the last ninety days, insiders sold 41,251 shares of company stock worth $5,885,334. Corporate insiders own 0.86% of the company’s stock.
Shares of American Tower Corp (NYSE:AMT) opened at $140.02 on Tuesday. American Tower Corp has a twelve month low of $107.66 and a twelve month high of $155.28. The stock has a market capitalization of $60,048.42, a price-to-earnings ratio of 53.24, a price-to-earnings-growth ratio of 1.33 and a beta of 0.77. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61.
American Tower declared that its board has initiated a stock buyback program on Thursday, December 7th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
AMT has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded American Tower from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a research report on Friday, November 3rd. Oppenheimer boosted their price objective on American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, December 20th. Morgan Stanley reiterated an “overweight” rating and set a $172.00 price target on shares of American Tower in a research report on Wednesday, December 13th. KeyCorp set a $156.00 price target on American Tower and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Finally, ValuEngine cut American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. One research analyst has rated the stock with a sell rating, one has assigned 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.
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About American Tower
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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