TIAA CREF Investment Management LLC lowered its holdings in American Tower Corp (NYSE:AMT) by 4.5% during the fourth quarter, HoldingsChannel reports. The firm owned 1,768,778 shares of the real estate investment trust’s stock after selling 83,696 shares during the period. TIAA CREF Investment Management LLC’s holdings in American Tower were worth $252,352,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Fieldpoint Private Securities LLC boosted its stake in 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 worth $145,000 after purchasing an additional 435 shares in the last quarter. Americafirst Capital Management LLC acquired a new position in American Tower in the third quarter worth $173,000. Pinebridge Investments L.P. acquired a new position in American Tower in the fourth quarter worth $182,000. SNS Financial Group LLC acquired a new position in American Tower in the fourth quarter worth $201,000. Finally, Moors & Cabot Inc. acquired a new position in American Tower in the fourth quarter worth $204,000. 92.52% of the stock is currently owned by institutional investors.
A number of equities analysts have commented on AMT shares. Oppenheimer boosted their price objective on American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 20th. Morgan Stanley reissued an “overweight” rating and issued a $172.00 price objective on shares of American Tower in a research note on Wednesday, December 13th. KeyCorp set a $171.00 price objective on American Tower and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Zacks Investment Research lowered American Tower from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Finally, ValuEngine lowered American Tower from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have assigned a buy rating to the company’s stock. American Tower currently has an average rating of “Buy” and a consensus target price of $157.87.
American Tower (NYSE:AMT) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.04). The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.69 billion. American Tower had a return on equity of 17.20% and a net margin of 18.31%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.52 EPS. research analysts forecast that American Tower Corp will post 7.09 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Wednesday, April 11th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Tuesday, April 10th. This is an increase from American Tower’s previous quarterly dividend of $0.70. American Tower’s dividend payout ratio is currently 104.87%.
American Tower announced that its board has approved a share 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 buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In related news, Director Samme L. Thompson sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total value of $715,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William H. Hess sold 28,291 shares of the company’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $145.28, for a total value of $4,110,116.48. Following the completion of the sale, the executive vice president now owns 92,721 shares of the company’s stock, valued at approximately $13,470,506.88. The disclosure for this sale can be found here. 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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