American Tower Corp (AMT) Position Cut by Davis R M Inc.
Davis R M Inc. cut its position in shares of American Tower Corp (NYSE:AMT) by 0.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 376,050 shares of the real estate investment trust’s stock after selling 398 shares during the quarter. American Tower accounts for 2.1% of Davis R M Inc.’s investment portfolio, making the stock its 5th biggest holding. Davis R M Inc. owned approximately 0.09% of American Tower worth $53,651,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Howe & Rusling Inc. raised its holdings in American Tower by 1,608.0% during the third quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock worth $117,000 after purchasing an additional 804 shares during the last quarter. Legacy Advisors LLC acquired a new position in American Tower during the third quarter worth $132,000. Fieldpoint Private Securities LLC raised its holdings in American Tower by 69.6% during the third quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock worth $145,000 after purchasing an additional 435 shares during the last quarter. Americafirst Capital Management LLC acquired a new position in American Tower during the third quarter worth $173,000. Finally, Laurel Wealth Advisors Inc. acquired a new position in American Tower during the third quarter worth $202,000. 91.60% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on AMT shares. SunTrust Banks reaffirmed a “buy” rating on shares of American Tower in a report on Wednesday, September 20th. Zacks Investment Research cut American Tower from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Cowen reaffirmed a “buy” rating on shares of American Tower in a report on Tuesday, October 24th. KeyCorp set a $156.00 price objective on American Tower and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Finally, Macquarie lifted their price objective on American Tower from $162.00 to $165.00 and gave the stock an “outperform” rating in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $158.60.
American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.69 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.61 by ($0.92). American Tower had a return on equity of 16.98% and a net margin of 18.63%. analysts forecast that American Tower Corp will post 6.53 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date is Wednesday, December 27th. American Tower’s payout ratio is 106.46%.
American Tower announced that its Board of Directors has approved a share buyback plan on Thursday, December 7th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, 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 value of $715,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman James D. Taiclet, Jr. sold 34,667 shares of American Tower stock in a transaction on Monday, December 11th. The shares were sold at an average price of $142.52, for a total value of $4,940,740.84. Following the completion of the sale, the chairman now directly owns 305,374 shares of the company’s stock, valued at approximately $43,521,902.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,251 shares of company stock valued at $11,026,134. Insiders own 0.86% of the company’s stock.
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.
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