TIAA CREF Investment Management LLC trimmed its stake in American Tower Corp (NYSE:AMT) by 4.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,768,778 shares of the real estate investment trust’s stock after selling 83,696 shares during the period. TIAA CREF Investment Management LLC owned 0.41% of American Tower worth $252,352,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Fieldpoint Private Securities LLC raised its stake in shares of American Tower by 69.6% in the 3rd quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 435 shares in the last quarter. Americafirst Capital Management LLC bought a new position in shares of American Tower in the 3rd quarter valued at approximately $173,000. Pinebridge Investments L.P. bought a new position in shares of American Tower in the 4th quarter valued at approximately $182,000. SNS Financial Group LLC bought a new position in shares of American Tower in the 4th quarter valued at approximately $201,000. Finally, Moors & Cabot Inc. bought a new position in American Tower in the 4th quarter worth approximately $204,000. 92.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of American Tower Corp (NYSE AMT) opened at $146.25 on Wednesday. American Tower Corp has a fifty-two week low of $113.66 and a fifty-two week high of $155.28. The firm has a market capitalization 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 current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 2.85.
The company 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 dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Tuesday, April 10th. This is a positive change from American Tower’s previous quarterly dividend of $0.70. American Tower’s dividend payout ratio (DPR) is presently 104.87%.
American Tower announced that its Board of Directors has approved a stock 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 reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Several research analysts have commented on the company. Citigroup dropped their price target 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. KeyCorp set a $171.00 price target on American Tower and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Zacks Investment Research downgraded American Tower from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. Oppenheimer lifted their price target on American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 20th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $172.00 price target on shares of American Tower in a research report on Wednesday, December 13th. One research 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’s stock. American Tower presently has a consensus rating of “Buy” and a consensus target price of $157.87.
In related news, EVP William H. Hess sold 28,291 shares of the business’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $145.28, for a total value of $4,110,116.48. Following the sale, the executive vice president now owns 92,721 shares of the company’s stock, valued at approximately $13,470,506.88. 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 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 company insiders.
COPYRIGHT VIOLATION NOTICE: This story was first published by American Banking News and is owned by of American Banking News. If you are accessing this story on another site, it was copied illegally and reposted in violation of U.S. and international copyright & trademark law. The original version of this story can be viewed at https://www.americanbankingnews.com/2018/03/14/american-tower-corp-amt-position-decreased-by-tiaa-cref-investment-management-llc.html.
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.
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.