Elkfork Partners LLC Invests $32.48 Million in American Tower Corp (AMT)
Elkfork Partners LLC purchased a new position in American Tower Corp (NYSE:AMT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 227,668 shares of the real estate investment trust’s stock, valued at approximately $32,481,000. American Tower accounts for about 1.1% of Elkfork Partners LLC’s investment portfolio, making the stock its 20th biggest position. Elkfork Partners LLC owned approximately 0.05% of American Tower at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of AMT. 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 worth $145,000 after purchasing an additional 435 shares during the period. Americafirst Capital Management LLC bought a new stake in shares of American Tower in the 3rd quarter worth approximately $173,000. Pinebridge Investments L.P. bought a new stake in shares of American Tower in the 4th quarter worth approximately $182,000. SNS Financial Group LLC bought a new stake in shares of American Tower in the 4th quarter worth approximately $201,000. Finally, Laurel Wealth Advisors Inc. bought a new stake in shares of American Tower in the 3rd quarter worth approximately $202,000. 89.94% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on AMT shares. Citigroup lowered their target price on shares of American Tower from $169.00 to $162.00 and set a “buy” rating on the stock in a report on Monday, March 5th. KeyCorp set a $171.00 target price on shares of American Tower and gave the company a “buy” rating in a report on Tuesday, February 27th. 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 report on Tuesday, January 2nd. ValuEngine cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Oppenheimer boosted their target price on shares of American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $158.64.
American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.04). The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.69 billion. American Tower had a net margin of 18.31% and a return on equity of 17.20%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.52 earnings per share. sell-side analysts anticipate that American Tower Corp will post 7.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Wednesday, April 11th will be given a dividend of $0.75 per share. This is a positive change from American Tower’s previous quarterly dividend of $0.70. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Tuesday, April 10th. American Tower’s payout ratio is 104.87%.
American Tower declared that its board has approved a share repurchase plan on Thursday, December 7th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Joann A. Reed sold 845 shares of the business’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $146.83, for a total transaction of $124,071.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Samme L. Thompson sold 3,500 shares of the business’s stock in a transaction on Tuesday, March 20th. The shares were sold at an average price of $146.36, for a total transaction of $512,260.00. Following the transaction, the director now owns 22,125 shares of the company’s stock, valued at $3,238,215. The disclosure for this sale can be found here. Insiders have sold a total of 37,636 shares of company stock valued at $5,462,248 over the last 90 days. Company 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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