Piedmont Investment Advisors LLC Raises Holdings in American Tower Corp (AMT)

Piedmont Investment Advisors LLC lifted its stake in American Tower Corp (NYSE:AMT) by 1.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 117,373 shares of the real estate investment trust’s stock after acquiring an additional 1,345 shares during the period. Piedmont Investment Advisors LLC’s holdings in American Tower were worth $16,043,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AMT. HL Financial Services LLC increased its position in American Tower by 0.5% during the 2nd quarter. HL Financial Services LLC now owns 3,675 shares of the real estate investment trust’s stock valued at $486,000 after buying an additional 19 shares in the last quarter. Atlantic Trust LLC increased its holdings in shares of American Tower by 0.5% in the second quarter. Atlantic Trust LLC now owns 4,345 shares of the real estate investment trust’s stock valued at $575,000 after purchasing an additional 21 shares during the period. Intrust Bank NA increased its holdings in shares of American Tower by 0.4% in the second quarter. Intrust Bank NA now owns 5,769 shares of the real estate investment trust’s stock valued at $764,000 after purchasing an additional 24 shares during the period. New Amsterdam Partners LLC NY increased its holdings in shares of American Tower by 0.7% in the second quarter. New Amsterdam Partners LLC NY now owns 3,855 shares of the real estate investment trust’s stock valued at $510,000 after purchasing an additional 27 shares during the period. Finally, First Interstate Bank increased its holdings in shares of American Tower by 1.3% in the second quarter. First Interstate Bank now owns 2,183 shares of the real estate investment trust’s stock valued at $289,000 after purchasing an additional 29 shares during the period. 91.89% of the stock is owned by hedge funds and other institutional investors.

AMT has been the topic of a number of research reports. Citigroup increased their price objective on American Tower from $142.00 to $167.00 and gave the company a “buy” rating in a report on Monday, August 28th. Zacks Investment Research upgraded American Tower from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a research note on Friday, November 3rd. Royal Bank of Canada restated a “buy” rating and issued a $153.00 target price on shares of American Tower in a research note on Friday, September 1st. KeyCorp set a $156.00 target price on American Tower and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Finally, BidaskClub upgraded American Tower from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Two investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $158.50.

In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $42,476,155.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Edmund Disanto sold 10,000 shares of the firm’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $137.95, for a total value of $1,379,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,000 shares of company stock valued at $12,619,900. Insiders own 0.86% of the company’s stock.

American Tower Corp (NYSE AMT) opened at $144.05 on Tuesday. The firm has a market capitalization of $61,099.11, a P/E ratio of 22.05, a PEG ratio of 1.68 and a beta of 0.73. American Tower Corp has a 1 year low of $102.51 and a 1 year high of $155.28. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42.

The business also recently declared 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. This represents a $2.80 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Wednesday, December 27th. 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%.

American Tower declared that its board has approved 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 purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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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.

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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