Driehaus Capital Management LLC purchased a new position in shares of American Tower Corp (NYSE:AMT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 34,410 shares of the real estate investment trust’s stock, valued at approximately $4,909,000.
A number of other hedge funds have also modified their holdings of the business. Vident Investment Advisory LLC lifted its position in shares of American Tower by 166.9% in the third quarter. Vident Investment Advisory LLC now owns 4,019 shares of the real estate investment trust’s stock valued at $550,000 after acquiring an additional 2,513 shares in the last quarter. LVM Capital Management Ltd. MI lifted its position 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. TRUE Private Wealth Advisors lifted its position in shares of American Tower by 148.0% in the fourth quarter. TRUE Private Wealth Advisors now owns 5,257 shares of the real estate investment trust’s stock valued at $753,000 after acquiring an additional 3,137 shares in the last quarter. Zions Bancorporation lifted its position in shares of American Tower by 4,708.4% in the third quarter. Zions Bancorporation now owns 3,991 shares of the real estate investment trust’s stock valued at $546,000 after acquiring an additional 3,908 shares in the last quarter. Finally, Westpac Banking Corp lifted its position in shares of American Tower by 5.7% in the fourth quarter. Westpac Banking Corp now owns 124,810 shares of the real estate investment trust’s stock valued at $17,807,000 after acquiring an additional 6,682 shares in the last quarter. Institutional investors own 91.78% of the company’s stock.
Shares of American Tower Corp (NYSE:AMT) opened at $143.58 on Friday. American Tower Corp has a fifty-two week low of $113.11 and a fifty-two week high of $155.28. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.25 and a quick ratio of 1.25. The company has a market capitalization of $62,927.07, a P/E ratio of 21.69, a P/E/G ratio of 1.60 and a beta of 0.80.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Wednesday, April 11th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Tuesday, April 10th. This is a boost from American Tower’s previous quarterly dividend of $0.70. American Tower’s dividend payout ratio (DPR) is currently 104.87%.
American Tower announced that its board has initiated a stock repurchase program on Thursday, December 7th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
AMT has been the topic of several research reports. Oppenheimer raised their target price on American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, December 20th. Morgan Stanley restated an “overweight” rating and issued a $172.00 target price on shares of American Tower in a research report on Wednesday, December 13th. KeyCorp set a $171.00 target price on American Tower and gave the company a “buy” rating in a research report on Tuesday, February 27th. Zacks Investment Research downgraded American Tower from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. Finally, ValuEngine downgraded American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $157.87.
In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was 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 owns 305,374 shares of the company’s stock, valued at $43,521,902.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of the firm’s 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. In the last ninety days, insiders sold 41,251 shares of company stock valued at $5,885,334. Insiders own 0.86% of the company’s stock.
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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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