First Mercantile Trust Co. cut its stake in American Tower Corp (NYSE:AMT) by 17.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 5,864 shares of the real estate investment trust’s stock after selling 1,214 shares during the quarter. First Mercantile Trust Co.’s holdings in American Tower were worth $836,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of AMT. Shelton Capital Management acquired a new stake in shares of American Tower in the 2nd quarter worth $380,000. Arrowstreet Capital Limited Partnership boosted its position in shares of American Tower by 3.1% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 36,900 shares of the real estate investment trust’s stock worth $4,883,000 after purchasing an additional 1,100 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of American Tower in the 2nd quarter worth $4,251,000. Capital Innovations LLC acquired a new stake in shares of American Tower in the 2nd quarter worth $212,000. Finally, Sterling Capital Management LLC boosted its position in shares of American Tower by 33.4% in the 2nd quarter. Sterling Capital Management LLC now owns 104,068 shares of the real estate investment trust’s stock worth $13,770,000 after purchasing an additional 26,082 shares in the last quarter. 91.75% of the stock is owned by hedge funds and other institutional investors.
In related news, Chairman James D. Taiclet, Jr. sold 34,000 shares of American Tower stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $151.20, for a total value of $5,140,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David E. Sharbutt sold 1,584 shares of American Tower stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total value of $228,792.96. Following the completion of the transaction, the director now owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,251 shares of company stock valued at $11,026,134. 0.86% of the stock is owned by company insiders.
American Tower announced that its board has approved a stock buyback program on Thursday, December 7th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend was Wednesday, December 27th. This is a positive change from American Tower’s previous quarterly dividend of $0.66. American Tower’s payout ratio is currently 106.46%.
AMT has been the subject of a number of recent analyst reports. Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a research report on Friday, November 3rd. Oppenheimer lifted their price target on American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 20th. Morgan Stanley reaffirmed an “overweight” rating and set a $172.00 price target on shares of American Tower in a research report on Wednesday, December 13th. KeyCorp set a $156.00 price target on American Tower and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Finally, ValuEngine cut American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $158.60.
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American Tower 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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