California Public Employees Retirement System boosted its holdings in shares of American Tower Corp (NYSE:AMT) by 5.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 946,543 shares of the real estate investment trust’s stock after acquiring an additional 45,643 shares during the quarter. California Public Employees Retirement System owned 0.22% of American Tower worth $129,373,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bessemer Group Inc. boosted its stake in shares of American Tower by 208.8% in the 2nd quarter. Bessemer Group Inc. now owns 5,428 shares of the real estate investment trust’s stock valued at $718,000 after purchasing an additional 3,670 shares during the last quarter. Advisor Partners LLC boosted its stake in shares of American Tower by 17.9% in the 2nd quarter. Advisor Partners LLC now owns 6,506 shares of the real estate investment trust’s stock valued at $861,000 after purchasing an additional 989 shares during the last quarter. Lakeview Capital Partners LLC boosted its stake in shares of American Tower by 26.8% in the 2nd quarter. Lakeview Capital Partners LLC now owns 2,889 shares of the real estate investment trust’s stock valued at $382,000 after purchasing an additional 611 shares during the last quarter. Baxter Bros Inc. boosted its stake in shares of American Tower by 0.4% in the 2nd quarter. Baxter Bros Inc. now owns 3,470 shares of the real estate investment trust’s stock valued at $459,000 after purchasing an additional 15 shares during the last quarter. Finally, BP PLC lifted its position in shares of American Tower by 63.0% during the 2nd quarter. BP PLC now owns 88,000 shares of the real estate investment trust’s stock valued at $11,642,000 after acquiring an additional 34,000 shares during the period. 91.89% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Corp (NYSE AMT) opened at $142.47 on Monday. 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 Corp has a 1-year low of $102.43 and a 1-year high of $155.28. The firm has a market cap of $61,099.11, a price-to-earnings ratio of 22.05, a price-to-earnings-growth ratio of 1.68 and a beta of 0.73.

American Tower declared that its board has authorized a stock buyback program on Thursday, December 7th that allows the company to buyback $2.00 billion in outstanding 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 management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th will be issued a dividend of $0.70 per share. This is an increase from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, December 27th. This represents a $2.80 annualized dividend and a yield of 1.97%. American Tower’s dividend payout ratio is presently 100.38%.

In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the company’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $151.20, for a total transaction of $5,140,800.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Edmund Disanto sold 10,000 shares of the company’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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,000 shares of company stock worth $12,619,900. Corporate insiders own 0.86% of the company’s stock.

AMT has been the topic of a number of research reports. Citigroup boosted their target price on shares of American Tower from $142.00 to $167.00 and gave the company a “buy” rating in a research report on Monday, August 28th. Zacks Investment Research upgraded 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. Royal Bank Of Canada reiterated a “buy” rating and set a $153.00 target price on shares of American Tower in a research report on Friday, September 1st. KeyCorp set a $156.00 target price on shares of American Tower and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Finally, BidaskClub upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $158.50.

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

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