Whittier Trust Co. increased its stake in shares of American Tower Corp (NYSE:AMT) by 4.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 78,028 shares of the real estate investment trust’s stock after acquiring an additional 3,562 shares during the period. Whittier Trust Co.’s holdings in American Tower were worth $11,132,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Howe & Rusling Inc. raised its holdings in American Tower by 1,608.0% during the third quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock worth $117,000 after acquiring an additional 804 shares in the last quarter. Legacy Advisors LLC bought a new stake in American Tower during the third quarter worth about $132,000. Fieldpoint Private Securities LLC raised its holdings in American Tower by 69.6% during the third 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 in the last quarter. Americafirst Capital Management LLC bought a new stake in American Tower during the third quarter worth about $173,000. Finally, Laurel Wealth Advisors Inc. bought a new stake in American Tower during the third quarter worth about $202,000. Institutional investors and hedge funds own 91.75% of the company’s stock.
AMT has been the topic of several analyst reports. Zacks Investment Research upgraded American Tower from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a report on Tuesday, January 2nd. Morgan Stanley reiterated an “overweight” rating and set a $172.00 target price on shares of American Tower in a report on Wednesday, December 13th. Oppenheimer upped their target price on American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, December 20th. Argus upped their target price on American Tower to $170.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. Finally, Jefferies Group upped their target price on American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, November 1st. One equities 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 presently has an average rating of “Buy” and an average target price of $158.60.
Shares of American Tower Corp (NYSE:AMT) opened at $136.05 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 stock has a market capitalization of $58,345.86, a P/E ratio of 21.06, a price-to-earnings-growth ratio of 1.29 and a beta of 0.77. American Tower Corp has a 52 week low of $104.73 and a 52 week high of $155.28.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th were paid a $0.70 dividend. This is a positive change 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 2.06%. American Tower’s dividend payout ratio is currently 106.46%.
American Tower declared that its Board of Directors has authorized a share 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 buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now owns 305,374 shares in the company, valued at $43,521,902.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $151.20, for a total value of $5,140,800.00. The disclosure for this sale can be found here. Insiders sold 75,251 shares of company stock worth $11,026,134 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.
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