Oakbrook Investments LLC reduced its holdings in shares of American Tower Corp (NYSE:AMT) by 2.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 18,320 shares of the real estate investment trust’s stock after selling 420 shares during the period. Oakbrook Investments LLC’s holdings in American Tower were worth $2,614,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Howe & Rusling Inc. grew its position 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 purchasing an additional 804 shares during the last quarter. Legacy Advisors LLC purchased a new position in American Tower during the 3rd quarter worth $132,000. Fieldpoint Private Securities LLC grew its position 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 purchasing an additional 435 shares during the last quarter. Americafirst Capital Management LLC purchased a new position in American Tower during the 3rd quarter worth $173,000. Finally, Laurel Wealth Advisors Inc. purchased a new position in American Tower during the 3rd quarter worth $202,000. 91.60% of the stock is currently owned by institutional investors.
Shares of American Tower Corp (NYSE:AMT) traded down $1.39 during trading hours on Thursday, hitting $135.25. 1,856,724 shares of the stock traded hands, compared to its average volume of 2,357,227. The stock has a market capitalization of $58,090.00, a P/E ratio of 51.43, a price-to-earnings-growth ratio of 1.41 and a beta of 0.73. 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 Corp has a 1-year low of $102.73 and a 1-year high of $155.28.
American Tower announced that its Board of Directors has approved a stock buyback 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 usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were paid a $0.70 dividend. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. American Tower’s dividend payout ratio (DPR) is 106.46%.
In related news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $151.20, for a total value of $5,140,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David E. Sharbutt sold 1,584 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were 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 owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The disclosure for this sale can be found here. Insiders sold 75,251 shares of company stock valued at $11,026,134 in the last quarter. Company insiders own 0.86% of the company’s stock.
Several research analysts have issued reports on the stock. Zacks Investment Research raised shares of American Tower from a “hold” rating to a “buy” rating and set a $160.00 price objective on the stock in a research report on Tuesday, January 2nd. Oppenheimer lifted their target price on shares of American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, December 20th. Morgan Stanley reaffirmed an “overweight” rating and issued a $172.00 target price on shares of American Tower in a report on Wednesday, December 13th. ValuEngine downgraded 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 target price (up previously from $156.00) on shares of American Tower in a report on Monday, November 27th. One analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. American Tower currently has a consensus rating of “Buy” and a consensus 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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