American Tower Corp (AMT) Stake Lowered by Archford Capital Strategies LLC
Archford Capital Strategies LLC lessened its holdings in American Tower Corp (NYSE:AMT) by 9.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,272 shares of the real estate investment trust’s stock after selling 886 shares during the period. Archford Capital Strategies LLC’s holdings in American Tower were worth $1,130,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the company. Howe & Rusling Inc. raised its holdings in shares of American Tower by 1,608.0% in the 3rd 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 period. Peddock Capital Advisors LLC purchased a new stake in shares of American Tower in the 2nd quarter valued at $119,000. Legacy Advisors LLC purchased a new stake in shares of American Tower in the 3rd quarter valued at $132,000. Glassman Wealth Services raised its holdings in shares of American Tower by 28.9% in the 2nd quarter. Glassman Wealth Services now owns 1,029 shares of the real estate investment trust’s stock valued at $136,000 after buying an additional 231 shares during the period. Finally, Fieldpoint Private Securities LLC raised its holdings 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 buying an additional 435 shares during the period. 91.89% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on AMT. Morgan Stanley restated an “overweight” rating and set a $172.00 price target on shares of American Tower in a report on Wednesday. Jefferies Group upped their price target on American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, November 1st. Argus upped their price target on American Tower to $170.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. SunTrust Banks restated a “buy” rating on shares of American Tower in a report on Wednesday, September 20th. Finally, KeyCorp restated an “overweight” rating and set a $177.00 price target (up previously from $156.00) on shares of American Tower in a report on Monday, November 27th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. American Tower has a consensus rating of “Buy” and an average target price of $158.50.
American Tower Corp (AMT) opened at $143.73 on Thursday. The stock has a market capitalization of $61,536.55, a PE ratio of 22.21, a PEG ratio of 1.69 and a beta of 0.73. American Tower Corp has a 1 year low of $102.51 and a 1 year high of $155.28. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th will be given a dividend of $0.70 per share. This is a boost from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Wednesday, December 27th. American Tower’s dividend payout ratio is currently 100.38%.
American Tower announced that its Board of Directors has initiated a share repurchase plan on Thursday, December 7th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
In other news, EVP Edmund Disanto sold 10,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 151,928 shares of the company’s stock, valued at approximately $20,662,208. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the company’s stock in a transaction dated 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. Over the last ninety days, insiders have sold 122,667 shares of company stock valued at $17,560,641. Insiders own 0.86% of the company’s stock.
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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