Bath Savings Trust Co Grows Holdings in American Tower Corp (AMT)
Bath Savings Trust Co raised its position in American Tower Corp (NYSE:AMT) by 11.6% in the 4th quarter, HoldingsChannel reports. The fund owned 47,773 shares of the real estate investment trust’s stock after acquiring an additional 4,965 shares during the quarter. American Tower comprises approximately 1.7% of Bath Savings Trust Co’s holdings, making the stock its 23rd largest position. Bath Savings Trust Co’s holdings in American Tower were worth $6,816,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Atlantic Trust LLC boosted its stake in shares of American Tower by 0.5% in the 2nd quarter. Atlantic Trust LLC now owns 4,345 shares of the real estate investment trust’s stock valued at $575,000 after buying an additional 21 shares during the period. Courier Capital LLC boosted its stake in shares of American Tower by 4.9% in the 2nd quarter. Courier Capital LLC now owns 2,033 shares of the real estate investment trust’s stock valued at $269,000 after buying an additional 95 shares during the period. Keel Point LLC boosted its stake in shares of American Tower by 1.1% in the 2nd quarter. Keel Point LLC now owns 8,711 shares of the real estate investment trust’s stock valued at $1,153,000 after buying an additional 98 shares during the period. Millie Capital Management LLC boosted its stake in shares of American Tower by 0.7% in the 2nd quarter. Millie Capital Management LLC now owns 19,932 shares of the real estate investment trust’s stock valued at $2,637,000 after buying an additional 138 shares during the period. Finally, Veritable L.P. boosted its stake in shares of American Tower by 0.8% in the 2nd quarter. Veritable L.P. now owns 17,740 shares of the real estate investment trust’s stock valued at $2,347,000 after buying an additional 140 shares during the period. 91.61% of the stock is owned by institutional investors.
AMT has been the subject of several recent research reports. Jefferies Group reiterated a “buy” rating and issued a $144.00 price objective on shares of American Tower in a research note on Tuesday, September 12th. SunTrust Banks reiterated a “buy” rating on shares of American Tower in a research note on Wednesday, September 20th. Zacks Investment Research cut American Tower from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Cowen reiterated a “buy” rating on shares of American Tower in a research note on Tuesday, October 24th. Finally, KeyCorp set a $156.00 price objective on American Tower and gave the company an “overweight” rating in a research note on Wednesday, November 1st. One analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. American Tower has an average rating of “Buy” and an average price target of $158.60.
In related news, Director Samme L. Thompson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total transaction of $715,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the business’s stock in a transaction that occurred 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 109,251 shares of company stock valued at $15,765,734. 0.86% of the stock is owned by company insiders.
American Tower Corp (NYSE AMT) traded down $2.82 during mid-day trading on Wednesday, reaching $138.23. The company had a trading volume of 1,713,791 shares, compared to its average volume of 1,827,350. The stock has a market capitalization of $60,020.00, a PE ratio of 52.56, a price-to-earnings-growth ratio of 1.46 and a beta of 0.73. American Tower Corp has a 12-month low of $102.51 and a 12-month 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Thursday, December 28th will be paid a dividend of $0.70 per share. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date is Wednesday, December 27th. This represents a $2.80 annualized dividend and a yield of 2.03%. American Tower’s payout ratio is presently 106.46%.
American Tower announced that its board has authorized a stock repurchase program on Thursday, December 7th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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