Parametric Portfolio Associates LLC boosted its stake in shares of American Tower Corp (NYSE:AMT) by 6.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 989,655 shares of the real estate investment trust’s stock after purchasing an additional 63,131 shares during the period. Parametric Portfolio Associates LLC owned 0.23% of American Tower worth $135,266,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. lifted its position in shares of American Tower by 208.8% in the second quarter. Bessemer Group Inc. now owns 5,428 shares of the real estate investment trust’s stock valued at $718,000 after buying an additional 3,670 shares during the last quarter. Sigma Planning Corp lifted its position in shares of American Tower by 4.9% in the second quarter. Sigma Planning Corp now owns 2,179 shares of the real estate investment trust’s stock valued at $288,000 after buying an additional 102 shares during the last quarter. Rational Advisors LLC acquired a new stake in shares of American Tower in the second quarter valued at approximately $824,000. Dupont Capital Management Corp lifted its position in shares of American Tower by 8.7% in the second quarter. Dupont Capital Management Corp now owns 130,537 shares of the real estate investment trust’s stock valued at $17,273,000 after buying an additional 10,436 shares during the last quarter. Finally, Fiduciary Financial Services of The Southwest Inc. TX lifted its position in shares of American Tower by 1.6% in the second quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 64,824 shares of the real estate investment trust’s stock valued at $8,578,000 after buying an additional 993 shares during the last quarter. 91.89% of the stock is owned by hedge funds and other institutional investors.
In other American Tower news, EVP Edmund Disanto sold 10,000 shares of the firm’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $136.00, for a total transaction of $1,360,000.00. Following the transaction, the executive vice president now owns 151,928 shares in the company, valued at approximately $20,662,208. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $151.20, for a total value of $5,140,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 124,251 shares of company stock worth $17,789,434. Corporate insiders own 0.86% of the company’s stock.
American Tower Corp (AMT) opened at $142.76 on Friday. American Tower Corp has a 52 week low of $102.51 and a 52 week high of $155.28. The company has a debt-to-equity ratio of 2.61, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market capitalization of $61,600.88, a price-to-earnings ratio of 22.24, a price-to-earnings-growth ratio of 1.69 and a beta of 0.73.
American Tower declared that its board has approved a share buyback program on Thursday, December 7th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Wednesday, December 27th. This is a positive change from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio (DPR) is 100.38%.
A number of research firms have recently issued reports on AMT. ValuEngine raised American Tower from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Zacks Investment Research cut American Tower from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. UBS raised their price objective on American Tower from $150.00 to $163.00 and gave the company a “buy” rating in a research report on Monday, September 11th. Citigroup raised their price objective on American Tower from $142.00 to $167.00 and gave the company a “buy” rating in a research report on Monday, August 28th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $153.00 price objective on shares of American Tower in a research report on Friday, September 1st. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. American Tower has a consensus rating of “Buy” and an average price target of $158.50.
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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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