Teacher Retirement System of Texas reduced its stake in American Tower Corp (NYSE:AMT) by 2.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 208,658 shares of the real estate investment trust’s stock after selling 5,655 shares during the quarter. Teacher Retirement System of Texas’ holdings in American Tower were worth $29,769,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Howe & Rusling Inc. raised its position in American Tower by 1,608.0% in the 3rd quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock valued at $117,000 after buying an additional 804 shares during the last quarter. Legacy Advisors LLC purchased a new stake in American Tower in the 3rd quarter valued at $132,000. Fieldpoint Private Securities LLC grew its stake in American Tower by 69.6% in the 3rd 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 during the period. Americafirst Capital Management LLC bought a new position in American Tower in the 3rd quarter valued at $173,000. Finally, Laurel Wealth Advisors Inc. bought a new position in American Tower in the 3rd quarter valued at $202,000. 91.75% of the stock is owned by institutional investors and hedge funds.
American Tower Corp (NYSE:AMT) opened at $133.57 on Friday. The company has a debt-to-equity ratio of 2.61, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market capitalization of $60,040.00, a price-to-earnings ratio of 50.79, a PEG ratio of 1.33 and a beta of 0.77. American Tower Corp has a 12 month low of $103.47 and a 12 month high of $155.28.
American Tower declared that its board has authorized a stock repurchase 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 reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
A number of research analysts have issued reports on the company. Jefferies Group upped their price objective on American Tower from $144.00 to $163.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. KeyCorp restated an “overweight” rating and issued a $177.00 price objective (up previously from $156.00) on shares of American Tower in a research note on Monday, November 27th. Argus upped their price objective on American Tower to $170.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Macquarie upped their price objective on American Tower from $162.00 to $165.00 and gave the company an “outperform” rating in a research note on Wednesday, November 1st. Finally, Morgan Stanley upped their price objective on American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research note on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. American Tower presently has an average rating of “Buy” and an average target price of $158.60.
In other news, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the completion of the transaction, the director now owns 4,861 shares in the company, valued at approximately $702,122.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total value of $715,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 75,251 shares of company stock valued at $11,026,134 in the last quarter. 0.86% of the stock is owned by corporate insiders.
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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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