CAPROCK Group Inc. raised its stake in shares of American Tower Corp (NYSE:AMT) by 19.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,352 shares of the real estate investment trust’s stock after acquiring an additional 379 shares during the period. CAPROCK Group Inc.’s holdings in American Tower were worth $313,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of AMT. Janus Henderson Group PLC raised its stake in American Tower by 1,886.3% during the 2nd quarter. Janus Henderson Group PLC now owns 7,468,416 shares of the real estate investment trust’s stock valued at $988,214,000 after acquiring an additional 7,092,413 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of American Tower by 823.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,606,119 shares of the real estate investment trust’s stock worth $212,525,000 after buying an additional 1,432,155 shares in the last quarter. Atlantic Trust Group LLC raised its stake in shares of American Tower by 89.8% during the 3rd quarter. Atlantic Trust Group LLC now owns 1,896,026 shares of the real estate investment trust’s stock worth $259,148,000 after buying an additional 897,138 shares in the last quarter. Winslow Capital Management LLC raised its stake in shares of American Tower by 36.5% during the 2nd quarter. Winslow Capital Management LLC now owns 2,539,716 shares of the real estate investment trust’s stock worth $336,055,000 after buying an additional 679,096 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of American Tower by 783.8% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 677,573 shares of the real estate investment trust’s stock worth $92,611,000 after buying an additional 600,910 shares in the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on AMT shares. Macquarie increased their target price on American Tower from $162.00 to $165.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 1st. Zacks Investment Research downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. KeyCorp set a $156.00 target price on American Tower and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Argus increased their target price on American Tower to $170.00 and gave the stock a “buy” rating in a research note on Thursday, November 9th. Finally, Cowen reissued a “buy” rating on shares of American Tower in a research note on Tuesday, October 24th. One equities research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $158.60.
American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.92). American Tower had a return on equity of 16.98% and a net margin of 18.63%. analysts expect that American Tower Corp will post 6.53 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were issued a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.07%. This is a boost from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio is currently 106.46%.
American Tower announced that its Board of Directors has approved a share repurchase plan on Thursday, December 7th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
In related 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 approximately $43,521,902.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total value of $715,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,251 shares of company stock worth $11,026,134. 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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