Public Employees Retirement System of Ohio Grows Position in American Tower Corp (AMT)
Public Employees Retirement System of Ohio increased its stake in American Tower Corp (NYSE:AMT) by 2.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 310,443 shares of the real estate investment trust’s stock after buying an additional 6,023 shares during the period. Public Employees Retirement System of Ohio owned 0.07% of American Tower worth $42,431,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Howe & Rusling Inc. increased its stake in shares of American Tower by 1,608.0% during the third quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock valued at $117,000 after purchasing an additional 804 shares in the last quarter. Peddock Capital Advisors LLC bought a new position in shares of American Tower during the second quarter valued at approximately $119,000. Legacy Advisors LLC bought a new position in shares of American Tower during the third quarter valued at approximately $132,000. Glassman Wealth Services increased its stake in shares of American Tower by 28.9% during the second quarter. Glassman Wealth Services now owns 1,029 shares of the real estate investment trust’s stock valued at $136,000 after purchasing an additional 231 shares in the last quarter. Finally, Fieldpoint Private Securities LLC increased its stake in shares of American Tower by 69.6% during the third quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock valued at $145,000 after purchasing an additional 435 shares in the last quarter. 91.89% of the stock is owned by institutional investors.
In related news, EVP Edmund Disanto sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $137.95, for a total value of $1,379,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the firm’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 sale, the chairman now owns 304,707 shares in the company, valued at approximately $42,476,155.80. The disclosure for this sale can be found here. Insiders sold 122,667 shares of company stock worth $17,560,641 in the last 90 days. 0.86% of the stock is currently owned by corporate insiders.
American Tower announced that its Board of Directors has initiated 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 buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Thursday, December 28th will be issued a $0.70 dividend. The ex-dividend date is Wednesday, December 27th. This represents a $2.80 annualized dividend and a yield of 1.95%. This is a boost from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio (DPR) is currently 100.38%.
A number of equities analysts have weighed in on AMT shares. Royal Bank of Canada reaffirmed a “buy” rating and set a $153.00 target price on shares of American Tower in a research note on Friday, September 1st. Citigroup raised their target price on shares of American Tower from $142.00 to $167.00 and gave the company a “buy” rating in a research note on Monday, August 28th. UBS raised their target price on shares of American Tower from $150.00 to $163.00 and gave the company a “buy” rating in a research note on Monday, September 11th. BidaskClub raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Finally, Argus raised their target price on shares of American Tower to $170.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. American Tower has an average 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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