Crestline Management LP acquired a new stake in American Tower Corp (NYSE:AMT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 32,500 shares of the real estate investment trust’s stock, valued at approximately $4,637,000. American Tower comprises 0.5% of Crestline Management LP’s portfolio, making the stock its 16th biggest position.
Several other institutional investors and hedge funds have also added to or reduced their stakes in AMT. Raymond James Financial Services Advisors Inc. increased its holdings in shares of American Tower by 2.9% in the 3rd 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 acquiring an additional 3,802 shares during the last quarter. Dividend Assets Capital LLC purchased a new position in shares of American Tower in the 3rd quarter valued at about $205,000. CIBC Asset Management Inc increased its holdings in shares of American Tower by 2.1% in the 3rd quarter. CIBC Asset Management Inc now owns 38,991 shares of the real estate investment trust’s stock valued at $5,329,000 after acquiring an additional 788 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of American Tower by 0.7% in the 3rd quarter. Rhumbline Advisers now owns 807,253 shares of the real estate investment trust’s stock valued at $110,335,000 after acquiring an additional 5,731 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in shares of American Tower by 17.5% in the 3rd quarter. Teacher Retirement System of Texas now owns 214,313 shares of the real estate investment trust’s stock valued at $29,292,000 after acquiring an additional 31,981 shares during the last quarter. Institutional investors and hedge funds own 92.52% of the company’s stock.
In other American Tower news, EVP William H. Hess sold 28,291 shares of the stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $145.28, for a total transaction of $4,110,116.48. Following the completion of the sale, the executive vice president now directly owns 92,721 shares of the company’s stock, valued at approximately $13,470,506.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was 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.
American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.04). American Tower had a return on equity of 17.20% and a net margin of 18.31%. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the business posted $1.52 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. equities analysts predict that American Tower Corp will post 7.09 EPS for the current year.
American Tower announced that its board has authorized a share repurchase program on Thursday, December 7th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Shareholders of record on Wednesday, April 11th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.04%. This is a boost from American Tower’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, April 10th. American Tower’s dividend payout ratio (DPR) is presently 104.87%.
AMT has been the topic of a number of research reports. KeyCorp restated an “overweight” rating and set a $177.00 price target (up previously from $156.00) on shares of American Tower in a research note on Monday, November 27th. Morgan Stanley raised their price target on American Tower from $155.00 to $172.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 14th. ValuEngine downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. 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 research note on Tuesday, January 2nd. Finally, 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 note on Monday, March 5th. One 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 company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $157.87.
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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