Empire Life Investments Inc. purchased a new stake in American Tower Corp (NYSE:AMT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 30,735 shares of the real estate investment trust’s stock, valued at approximately $4,385,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of AMT. Raymond James Financial Services Advisors Inc. increased its stake in 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 in the last quarter. Breton Hill Capital Ltd. bought a new stake in American Tower in the third quarter valued at $236,000. Candriam Luxembourg S.C.A. increased its stake in 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 in the last quarter. FDx Advisors Inc. increased its stake in 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 in the last quarter. Finally, HM Payson & Co. bought a new stake in American Tower in the third quarter valued at $218,000. 92.52% of the stock is owned by hedge funds and other institutional investors.
American Tower Corp (NYSE:AMT) opened at $143.58 on Monday. American Tower Corp has a twelve month low of $113.11 and a twelve month high of $155.28. The firm has a market cap of $63,297.39, a PE ratio of 21.82, a P/E/G ratio of 1.61 and a beta of 0.80. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 2.85.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Wednesday, April 11th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, April 10th. This is a boost 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%.
American Tower declared that its board has authorized a share buyback plan on Thursday, December 7th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Several equities research analysts have weighed in on the stock. Oppenheimer lifted their price target on shares of American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, December 20th. Citigroup decreased their price target on shares of American Tower from $169.00 to $162.00 and set a “buy” rating for the company in a research note on Monday, March 5th. KeyCorp set a $171.00 target price on shares of American Tower and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Morgan Stanley boosted their target price on shares of American Tower from $155.00 to $172.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 14th. Finally, Zacks Investment Research downgraded shares of American Tower from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $157.87.
In related news, Director David E. Sharbutt sold 1,584 shares of the business’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 transaction, 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 SEC, which can be accessed through the SEC website. Also, Director Samme L. Thompson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total transaction of $715,800.00. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by insiders.
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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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