Laurel Wealth Advisors Inc. purchased a new position in shares of American Tower Corp (NYSE:AMT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,478 shares of the real estate investment trust’s stock, valued at approximately $202,000.

Several other large investors also recently added to or reduced their stakes in the company. Shine Investment Advisory Services Inc. purchased a new position in American Tower during the 2nd quarter worth $100,000. Howe & Rusling Inc. boosted 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 worth $117,000 after buying an additional 804 shares during the last quarter. Peddock Capital Advisors LLC purchased a new position in shares of American Tower in the 2nd quarter worth about $119,000. Legacy Advisors LLC purchased a new position in shares of American Tower in the 3rd quarter worth about $132,000. Finally, Glassman Wealth Services boosted 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 worth $136,000 after buying an additional 231 shares during the last quarter. Institutional investors own 91.89% of the company’s stock.

Shares of American Tower Corp (NYSE AMT) opened at $144.05 on Tuesday. The firm has a market capitalization of $61,099.11, a P/E ratio of 22.05, a PEG ratio of 1.68 and a beta of 0.73. American Tower Corp has a 52 week low of $102.51 and a 52 week 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Wednesday, December 27th. This is a positive change from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio is 100.38%.

American Tower declared that its board has initiated a share repurchase program 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 reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

A number of brokerages recently issued reports on AMT. ValuEngine cut American Tower from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. KeyCorp reiterated an “overweight” rating and set a $177.00 price target (up from $156.00) on shares of American Tower in a research report on Monday, November 27th. Morgan Stanley upped their price target on American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. Zacks Investment Research cut American Tower from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, Argus upped their price target on American Tower to $170.00 and gave the company a “buy” rating in a research report on Thursday, November 9th. 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 price target of $158.50.

In related news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $139.40, for a total transaction of $4,739,600.00. Following the completion of the transaction, the chairman now owns 304,707 shares in the company, valued at $42,476,155.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Edmund Disanto sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $136.00, for a total value of $1,360,000.00. Following the transaction, the executive vice president now owns 151,928 shares of the company’s stock, valued at approximately $20,662,208. The disclosure for this sale can be found here. In the last three months, insiders have sold 88,000 shares of company stock valued at $12,619,900. Insiders own 0.86% of the company’s stock.

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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.

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

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