Traders Buy Shares of American Tower (AMT) on Weakness
Investors purchased shares of American Tower Corp (NYSE:AMT) on weakness during trading hours on Thursday. $102.48 million flowed into the stock on the tick-up and $82.72 million flowed out of the stock on the tick-down, for a money net flow of $19.76 million into the stock. Of all companies tracked, American Tower had the 23rd highest net in-flow for the day. American Tower traded down ($2.64) for the day and closed at $134.97
AMT has been the topic of several research analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $172.00 price target on shares of American Tower in a research note on Wednesday, December 13th. Argus lifted their price target on shares of American Tower to $170.00 and gave the stock a “buy” rating in a research note 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 price target on the stock in a research note on Friday, November 3rd. Jefferies Group lifted their price target on shares of American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, November 1st. Finally, ValuEngine downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $158.60.
The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61. The firm has a market cap of $59,100.00, a PE ratio of 51.32, a PEG ratio of 1.46 and a beta of 0.73.
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 given a dividend of $0.70 per share. This is an increase from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 annualized dividend and a yield of 2.07%. The ex-dividend date is Wednesday, December 27th. American Tower’s dividend payout ratio (DPR) is presently 106.46%.
American Tower declared that its Board of Directors has initiated 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 repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In other news, Chairman James D. Taiclet, Jr. sold 34,000 shares of American Tower stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $151.20, for a total value of $5,140,800.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 34,667 shares of American Tower stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $142.52, for a total transaction of $4,940,740.84. Following the completion of the sale, the chairman now directly owns 305,374 shares in the company, valued at approximately $43,521,902.48. The disclosure for this sale can be found here. Insiders have sold a total of 109,251 shares of company stock worth $15,765,734 over the last three months. 0.86% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. LVM Capital Management Ltd. MI boosted its holdings in shares of American Tower by 11.6% in the fourth quarter. LVM Capital Management Ltd. MI now owns 57,741 shares of the real estate investment trust’s stock valued at $8,238,000 after acquiring an additional 5,986 shares in the last quarter. Waverton Investment Management Ltd boosted its holdings in shares of American Tower by 1.2% in the fourth quarter. Waverton Investment Management Ltd now owns 49,729 shares of the real estate investment trust’s stock valued at $7,095,000 after acquiring an additional 605 shares in the last quarter. Bath Savings Trust Co boosted its holdings in shares of American Tower by 11.6% in the fourth quarter. Bath Savings Trust Co now owns 47,773 shares of the real estate investment trust’s stock valued at $6,816,000 after acquiring an additional 4,965 shares in the last quarter. Boltwood Capital Management purchased a new stake in shares of American Tower in the fourth quarter valued at about $443,000. Finally, DnB Asset Management AS boosted its holdings in shares of American Tower by 1.5% in the fourth quarter. DnB Asset Management AS now owns 48,702 shares of the real estate investment trust’s stock valued at $6,948,000 after acquiring an additional 700 shares in the last quarter. 91.61% of the stock is currently owned by institutional investors and hedge funds.
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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.
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