Teachers Retirement System of The State of Kentucky lessened its holdings in shares of American Tower Corp (NYSE:AMT) by 3.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 197,548 shares of the real estate investment trust’s stock after selling 6,746 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in American Tower were worth $28,184,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James Financial Services Advisors Inc. grew its position in shares of American Tower by 2.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 133,766 shares of the real estate investment trust’s stock valued at $18,284,000 after purchasing an additional 3,802 shares during the last quarter. Breton Hill Capital Ltd. acquired a new position in shares of American Tower in the third quarter valued at approximately $236,000. Candriam Luxembourg S.C.A. grew its position in shares of American Tower by 11.2% in the third quarter. Candriam Luxembourg S.C.A. now owns 46,941 shares of the real estate investment trust’s stock valued at $6,416,000 after purchasing an additional 4,739 shares during the last quarter. FDx Advisors Inc. grew its position in shares of American Tower by 2.9% in the third quarter. FDx Advisors Inc. now owns 17,718 shares of the real estate investment trust’s stock valued at $2,422,000 after purchasing an additional 504 shares during the last quarter. Finally, HM Payson & Co. acquired a new position in shares of American Tower in the third quarter valued at approximately $218,000. 92.52% of the stock is currently owned by hedge funds and other institutional investors.
Shares of American Tower Corp (AMT) opened at $143.58 on Monday. The stock has a market capitalization of $61,580.00, a P/E ratio of 54.59, a P/E/G ratio of 1.61 and a beta of 0.80. American Tower Corp has a 12-month low of $113.11 and a 12-month high of $155.28. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.25 and a current ratio of 1.25.
American Tower announced that its board has authorized a stock repurchase program on Thursday, December 7th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Wednesday, April 11th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, April 10th. This represents a $3.00 dividend on an annualized basis and a yield of 2.09%. This is an increase from American Tower’s previous quarterly dividend of $0.70. American Tower’s dividend payout ratio is currently 106.46%.
In other American Tower news, Director David E. Sharbutt sold 1,584 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was 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 directly owns 4,861 shares in the company, valued at $702,122.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Samme L. Thompson sold 5,000 shares of the company’s stock in a transaction 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. 0.86% of the stock is owned by corporate insiders.
Several equities analysts have recently commented on the company. KeyCorp reaffirmed an “overweight” rating and issued a $177.00 target price (up previously from $156.00) on shares of American Tower in a research report on Monday, November 27th. Morgan Stanley upped their target price on American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a research report on Tuesday, January 2nd. ValuEngine downgraded American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Citigroup decreased their target price on American Tower from $169.00 to $162.00 and set a “buy” rating on the stock in a research report on Monday, March 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $157.87.
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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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