Putnam FL Investment Management Co. bought a new stake in American Tower Corp (NYSE:AMT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,671 shares of the real estate investment trust’s stock, valued at approximately $238,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Howe & Rusling Inc. lifted its position in American Tower by 1,608.0% in the third quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock valued at $117,000 after buying an additional 804 shares during the last quarter. Legacy Advisors LLC acquired a new position in American Tower in the third quarter valued at about $132,000. Fieldpoint Private Securities LLC lifted its position in American Tower by 69.6% in the third quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 435 shares during the last quarter. Americafirst Capital Management LLC acquired a new position in American Tower in the third quarter valued at about $173,000. Finally, Resources Investment Advisors Inc. lifted its position in American Tower by 51.1% in the fourth quarter. Resources Investment Advisors Inc. now owns 1,428 shares of the real estate investment trust’s stock valued at $203,000 after buying an additional 483 shares during the last quarter. 91.75% of the stock is currently owned by institutional investors.

Shares of American Tower Corp (AMT) opened at $136.05 on Friday. The stock has a market cap of $57,282.30, a PE ratio of 51.73, a PEG ratio of 1.26 and a beta of 0.77. American Tower Corp has a 1 year low of $103.47 and a 1 year 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.

American Tower announced that its board has authorized a share buyback program on Thursday, December 7th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Wednesday, December 27th. This is a boost from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio is currently 106.46%.

In related news, Director David E. Sharbutt sold 1,584 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total transaction of $228,792.96. Following the sale, the director now directly owns 4,861 shares in the company, valued at $702,122.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman James D. Taiclet, Jr. sold 34,667 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $142.52, for a total transaction of $4,940,740.84. Following the sale, the chairman now owns 305,374 shares in the company, valued at $43,521,902.48. The disclosure for this sale can be found here. Insiders have sold 75,251 shares of company stock worth $11,026,134 in the last three months. Corporate insiders own 0.86% of the company’s stock.

AMT has been the topic of a number of recent analyst reports. Cowen reaffirmed a “buy” rating on shares of American Tower in a research report on Tuesday, October 24th. Argus upped their target price on shares of American Tower to $170.00 and gave the company a “buy” rating in a research report on Thursday, November 9th. Zacks Investment Research raised shares of American Tower from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a research report on Friday, November 3rd. Jefferies Group upped their target price on shares of American Tower from $144.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday, November 1st. Finally, ValuEngine raised shares of American Tower from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $158.60.

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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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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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