RiverPark Advisors LLC decreased its holdings in shares of American Tower Corp (NYSE:AMT) by 11.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,798 shares of the real estate investment trust’s stock after selling 3,942 shares during the quarter. American Tower accounts for approximately 0.6% of RiverPark Advisors LLC’s investment portfolio, making the stock its 26th largest position. RiverPark Advisors LLC’s holdings in American Tower were worth $4,394,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Vident Investment Advisory LLC grew its holdings in shares of American Tower by 166.9% during the third quarter. Vident Investment Advisory LLC now owns 4,019 shares of the real estate investment trust’s stock worth $550,000 after purchasing an additional 2,513 shares during the last quarter. LVM Capital Management Ltd. MI grew its holdings in shares of American Tower by 11.6% during the fourth quarter. LVM Capital Management Ltd. MI now owns 57,741 shares of the real estate investment trust’s stock worth $8,238,000 after purchasing an additional 5,986 shares during the last quarter. TRUE Private Wealth Advisors grew its holdings in shares of American Tower by 148.0% during the fourth quarter. TRUE Private Wealth Advisors now owns 5,257 shares of the real estate investment trust’s stock worth $753,000 after purchasing an additional 3,137 shares during the last quarter. Zions Bancorporation grew its holdings in shares of American Tower by 4,708.4% during the third quarter. Zions Bancorporation now owns 3,991 shares of the real estate investment trust’s stock worth $546,000 after purchasing an additional 3,908 shares during the last quarter. Finally, Westpac Banking Corp grew its holdings in shares of American Tower by 5.7% during the fourth quarter. Westpac Banking Corp now owns 124,810 shares of the real estate investment trust’s stock worth $17,807,000 after purchasing an additional 6,682 shares during the last quarter. Institutional investors own 92.52% of the company’s stock.
In other American Tower news, Director David E. Sharbutt sold 1,584 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total value of $228,792.96. Following the transaction, the director now directly owns 4,861 shares of the company’s stock, valued at $702,122.84. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Samme L. Thompson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were 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 currently owned by insiders.
American Tower (NYSE:AMT) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.63 by ($0.04). American Tower had a net margin of 18.31% and a return on equity of 17.20%. The company had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the previous year, the company earned $1.52 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. equities analysts predict that American Tower Corp will post 7.09 EPS for the current fiscal year.
American Tower declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 7th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Shareholders of record on Wednesday, April 11th will be paid a $0.75 dividend. The ex-dividend date is Tuesday, April 10th. This is a positive change from American Tower’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a yield of 2.09%. American Tower’s payout ratio is 104.87%.
Several analysts have recently weighed in on the company. Morgan Stanley boosted their price target on American Tower from $155.00 to $172.00 and gave the stock an “overweight” rating in a report on Tuesday, November 14th. KeyCorp restated an “overweight” rating and set a $177.00 price target (up from $156.00) on shares of American Tower in a report on Monday, November 27th. ValuEngine cut American Tower from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Oppenheimer boosted their price target on American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, December 20th. Finally, Zacks Investment Research upgraded American Tower from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $157.87.
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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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