Zimmer Partners LP boosted its position in shares of American Tower Corp (NYSE:AMT) by 73.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 455,000 shares of the real estate investment trust’s stock after acquiring an additional 192,500 shares during the period. American Tower accounts for about 1.6% of Zimmer Partners LP’s holdings, making the stock its 21st biggest position. Zimmer Partners LP owned 0.11% of American Tower worth $64,915,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the stock. Janus Henderson Group PLC grew its stake in American Tower by 5.4% during the third quarter. Janus Henderson Group PLC now owns 7,868,533 shares of the real estate investment trust’s stock valued at $1,075,458,000 after acquiring an additional 400,117 shares in the last quarter. Edgewood Management LLC lifted its position in American Tower by 1.6% during the third quarter. Edgewood Management LLC now owns 6,326,717 shares of the real estate investment trust’s stock valued at $864,736,000 after purchasing an additional 99,052 shares during the last quarter. Geode Capital Management LLC lifted its position in American Tower by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 4,113,653 shares of the real estate investment trust’s stock valued at $585,539,000 after purchasing an additional 136,669 shares during the last quarter. American Century Companies Inc. lifted its position in American Tower by 1.5% during the fourth quarter. American Century Companies Inc. now owns 3,248,232 shares of the real estate investment trust’s stock valued at $463,425,000 after purchasing an additional 46,708 shares during the last quarter. Finally, Commonwealth Bank of Australia lifted its position in American Tower by 26.1% during the third quarter. Commonwealth Bank of Australia now owns 2,790,646 shares of the real estate investment trust’s stock valued at $380,074,000 after purchasing an additional 577,069 shares during the last quarter. 92.52% of the stock is owned by institutional investors.
Shares of American Tower Corp (AMT) opened at $146.25 on Wednesday. The firm has a market cap of $63,958.66, a P/E ratio of 54.78, a PEG ratio of 1.63 and a beta of 0.80. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 2.85. American Tower Corp has a 1-year low of $113.95 and a 1-year high of $155.28.
American Tower declared that its Board of Directors has approved a stock repurchase program on Thursday, December 7th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Stockholders 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 dividend yield of 2.05%. This is a positive change from American Tower’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, April 10th. American Tower’s payout ratio is presently 104.87%.
In related news, EVP William H. Hess sold 28,291 shares of American Tower stock in a transaction on 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 transaction, the executive vice president now directly owns 92,721 shares of the company’s stock, valued at $13,470,506.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Samme L. Thompson sold 5,000 shares of American Tower stock in a transaction on 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. Insiders own 0.86% of the company’s stock.
Several equities research analysts have issued reports on the stock. Citigroup dropped their target price on shares of American Tower from $169.00 to $162.00 and set a “buy” rating for the company in a research report on Monday, March 5th. KeyCorp set a $171.00 target price on shares of American Tower and gave the company a “buy” rating in a research report on Tuesday, February 27th. ValuEngine lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Morgan Stanley lifted their target price on shares of American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. Finally, Zacks Investment Research lowered shares of American Tower from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company has an average 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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