Alkeon Capital Management LLC increased its holdings in shares of American Tower Corp (NYSE:AMT) by 0.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,273,276 shares of the real estate investment trust’s stock after buying an additional 6,000 shares during the period. American Tower comprises approximately 1.2% of Alkeon Capital Management LLC’s portfolio, making the stock its 24th largest position. Alkeon Capital Management LLC owned 0.30% of American Tower worth $174,031,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Piedmont Investment Advisors LLC increased its stake in American Tower by 1.2% in the 3rd quarter. Piedmont Investment Advisors LLC now owns 117,373 shares of the real estate investment trust’s stock worth $16,043,000 after acquiring an additional 1,345 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of American Tower by 5.1% in the third quarter. California Public Employees Retirement System now owns 946,543 shares of the real estate investment trust’s stock worth $129,373,000 after buying an additional 45,643 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of American Tower by 2.8% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 71,133 shares of the real estate investment trust’s stock worth $9,725,000 after buying an additional 1,954 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in shares of American Tower by 307.3% in the third quarter. Cubist Systematic Strategies LLC now owns 18,155 shares of the real estate investment trust’s stock worth $2,481,000 after buying an additional 13,698 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of American Tower in the third quarter worth about $4,182,000. Institutional investors and hedge funds own 91.89% of the company’s stock.
Shares of American Tower Corp (NYSE:AMT) opened at $144.05 on Tuesday. American Tower Corp has a twelve month low of $102.51 and a twelve month high of $155.28. The stock has a market capitalization of $61,099.11, a price-to-earnings ratio of 22.05, a P/E/G ratio of 1.68 and a beta of 0.73. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42.
American Tower declared that its board has authorized a share repurchase plan 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 purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
Several equities analysts have recently weighed in on AMT shares. Royal Bank of Canada restated a “buy” rating and issued a $153.00 target price on shares of American Tower in a research report on Friday, September 1st. Citigroup lifted their target price on American Tower from $142.00 to $167.00 and gave the company a “buy” rating in a report on Monday, August 28th. UBS lifted their target price on American Tower from $150.00 to $163.00 and gave the company a “buy” rating in a report on Monday, September 11th. BidaskClub upgraded American Tower from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Finally, Argus lifted their price target on American Tower to $170.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $158.50.
In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $139.40, for a total value of $4,739,600.00. Following the completion of the transaction, the chairman now directly owns 304,707 shares of the company’s stock, valued at approximately $42,476,155.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Edmund Disanto sold 10,000 shares of the company’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $136.00, for a total transaction of $1,360,000.00. Following the completion of the transaction, the executive vice president now directly owns 151,928 shares of the company’s stock, valued at $20,662,208. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,000 shares of company stock valued at $12,619,900. 0.86% of the stock is owned by insiders.
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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