Private Trust Co. NA Grows Holdings in American Tower Corp (AMT)
Private Trust Co. NA raised its holdings in shares of American Tower Corp (NYSE:AMT) by 7.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,888 shares of the real estate investment trust’s stock after purchasing an additional 730 shares during the quarter. Private Trust Co. NA’s holdings in American Tower were worth $1,553,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the business. Atlantic Trust LLC lifted its position in American Tower by 0.5% during the second quarter. Atlantic Trust LLC now owns 4,345 shares of the real estate investment trust’s stock valued at $575,000 after purchasing an additional 21 shares during the last quarter. Keel Point LLC lifted its position in American Tower by 1.1% during the second quarter. Keel Point LLC now owns 8,711 shares of the real estate investment trust’s stock valued at $1,153,000 after purchasing an additional 98 shares during the last quarter. Millie Capital Management LLC lifted its position in American Tower by 0.7% during the second quarter. Millie Capital Management LLC now owns 19,932 shares of the real estate investment trust’s stock valued at $2,637,000 after purchasing an additional 138 shares during the last quarter. Veritable L.P. lifted its position in American Tower by 0.8% during the second quarter. Veritable L.P. now owns 17,740 shares of the real estate investment trust’s stock valued at $2,347,000 after purchasing an additional 140 shares during the last quarter. Finally, Princeton Portfolio Strategies Group LLC lifted its position in American Tower by 0.3% during the second quarter. Princeton Portfolio Strategies Group LLC now owns 56,945 shares of the real estate investment trust’s stock valued at $7,535,000 after purchasing an additional 158 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.
AMT has been the subject of several research reports. Argus increased their price objective on shares of American Tower to $170.00 and gave the company a “buy” rating in a research report on Thursday, November 9th. Zacks Investment Research upgraded shares of American Tower from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a report on Friday, November 3rd. Jefferies Group raised their target price on shares of American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, November 1st. Cowen restated a “buy” rating on shares of American Tower in a report on Tuesday, October 24th. Finally, ValuEngine upgraded shares of American Tower from a “hold” rating to a “buy” rating in a report on Friday, November 10th. One analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $158.60.
In related news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the firm’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $142.52, for a total value of $4,940,740.84. Following the transaction, the chairman now owns 305,374 shares of the company’s stock, valued at approximately $43,521,902.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Samme L. Thompson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total transaction of $715,800.00. The disclosure for this sale can be found here. Insiders sold a total of 75,251 shares of company stock worth $11,026,134 in the last ninety days. 0.86% of the stock is currently owned by insiders.
American Tower Corp (AMT) traded down $1.97 during trading on Tuesday, hitting $133.00. 3,197,200 shares of the stock traded hands, compared to its average volume of 2,303,989. The company has a market cap of $57,100.00, a price-to-earnings ratio of 50.57, a PEG ratio of 1.38 and a beta of 0.73. American Tower Corp has a 12-month low of $102.73 and a 12-month high of $155.28. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61.
American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.61 by ($0.92). American Tower had a return on equity of 16.98% and a net margin of 18.63%. equities analysts forecast that American Tower Corp will post 6.53 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Thursday, December 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Wednesday, December 27th. This is an increase from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio (DPR) is currently 106.46%.
American Tower declared that its board has approved a stock buyback program on Thursday, December 7th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is 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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