Eaton Vance Management Trims Holdings in American Tower Corp (AMT)

Eaton Vance Management cut its stake in American Tower Corp (NYSE:AMT) by 9.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 718,640 shares of the real estate investment trust’s stock after selling 72,770 shares during the period. Eaton Vance Management owned approximately 0.17% of American Tower worth $102,528,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AMT. Legacy Advisors LLC bought a new position in shares of American Tower during the 3rd quarter worth about $132,000. Fieldpoint Private Securities LLC lifted its holdings in shares of 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 acquiring an additional 435 shares during the period. Americafirst Capital Management LLC bought a new position in shares of American Tower during the 3rd quarter worth about $173,000. Pinebridge Investments L.P. bought a new position in shares of American Tower during the 4th quarter worth about $182,000. Finally, SNS Financial Group LLC bought a new position in shares of American Tower during the 4th quarter worth about $201,000. 92.19% of the stock is owned by hedge funds and other institutional investors.

Shares of American Tower Corp (AMT) opened at $138.98 on Friday. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a market cap of $58,941.97, a PE ratio of 52.84, a price-to-earnings-growth ratio of 1.30 and a beta of 0.77. American Tower Corp has a 1 year low of $111.14 and a 1 year high of $155.28.

American Tower announced that its board has authorized a stock repurchase plan on Thursday, December 7th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

A number of equities research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of American Tower from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research report on Tuesday, January 2nd. Argus increased their target price on shares of American Tower to $170.00 and gave the stock a “buy” rating in a research report on Thursday, November 9th. Jefferies Group increased their target price on shares of American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. ValuEngine upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Finally, Macquarie increased their target price on shares of American Tower from $162.00 to $165.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 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’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $158.60.

In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the firm’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $142.52, for a total value of $4,940,740.84. Following the completion of the sale, the chairman now owns 305,374 shares in the company, valued at approximately $43,521,902.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of the firm’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 a total of 41,251 shares of company stock valued at $5,885,334 in the last 90 days. Corporate insiders own 0.86% of the company’s stock.

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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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