Cornerstone Capital Management Holdings LLC. increased its holdings in shares of American Tower Corp (NYSE:AMT) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 314,382 shares of the real estate investment trust’s stock after buying an additional 8,537 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned about 0.07% of American Tower worth $44,851,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vident Investment Advisory LLC raised its holdings in shares of American Tower by 166.9% in the 3rd 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 period. LVM Capital Management Ltd. MI raised its holdings in shares of American Tower by 11.6% in the 4th 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 period. TRUE Private Wealth Advisors raised its holdings in shares of American Tower by 148.0% in the 4th 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 period. Zions Bancorporation raised its holdings in shares of American Tower by 4,708.4% in the 3rd 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 period. Finally, Westpac Banking Corp raised its holdings in shares of American Tower by 5.7% in the 4th 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 period. Hedge funds and other institutional investors own 92.52% of the company’s stock.
In other news, Director Samme L. Thompson sold 5,000 shares of the 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David E. Sharbutt sold 1,584 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total value of $228,792.96. Following the sale, the director now owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by company insiders.
American Tower (NYSE:AMT) last posted its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.69 billion. During the same quarter last year, the business posted $1.52 EPS. American Tower’s quarterly revenue was up 10.7% compared to the same quarter last year. analysts expect that American Tower Corp will post 7.09 EPS for the current year.
American Tower announced that its Board of Directors has authorized a share repurchase plan 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 reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Wednesday, April 11th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, April 10th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.07%. This is a positive change from American Tower’s previous quarterly dividend of $0.70. American Tower’s dividend payout ratio (DPR) is 104.87%.
A number of equities analysts have recently commented on AMT shares. Morgan Stanley restated an “overweight” rating and issued a $172.00 price objective on shares of American Tower in a report on Wednesday, December 13th. KeyCorp restated an “overweight” rating and issued a $177.00 price objective (up from $156.00) on shares of American Tower in a report on Monday, November 27th. Zacks Investment Research upgraded American Tower from a “hold” rating to a “buy” rating and set a $160.00 price objective on the stock in a report on Tuesday, January 2nd. ValuEngine downgraded American Tower from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Citigroup cut their price objective on American Tower from $169.00 to $162.00 and set a “buy” rating on the stock in a report on Monday, March 5th. One equities research analyst has rated the stock with a sell rating, one has assigned 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.
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American Tower Company 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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