RiverPark Advisors LLC trimmed its position in shares of American Tower Corp (NYSE:AMT) by 11.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 30,798 shares of the real estate investment trust’s stock after selling 3,942 shares during the period. American Tower accounts for 0.6% of RiverPark Advisors LLC’s holdings, making the stock its 26th biggest position. RiverPark Advisors LLC’s holdings in American Tower were worth $4,394,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of AMT. Dimensional Fund Advisors LP raised its position in shares of American Tower by 56.3% during the third quarter. Dimensional Fund Advisors LP now owns 2,510,444 shares of the real estate investment trust’s stock worth $343,124,000 after purchasing an additional 904,325 shares during the period. Atlantic Trust Group LLC raised its position in shares of American Tower by 89.8% during the third quarter. Atlantic Trust Group LLC now owns 1,896,026 shares of the real estate investment trust’s stock worth $259,148,000 after purchasing an additional 897,138 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of American Tower by 783.8% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 677,573 shares of the real estate investment trust’s stock worth $92,611,000 after purchasing an additional 600,910 shares during the period. Commonwealth Bank of Australia raised its position in shares of American Tower by 26.1% during the third quarter. Commonwealth Bank of Australia now owns 2,790,646 shares of the real estate investment trust’s stock worth $380,074,000 after purchasing an additional 577,069 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of American Tower by 24.4% during the fourth quarter. Renaissance Technologies LLC now owns 2,703,900 shares of the real estate investment trust’s stock worth $385,765,000 after purchasing an additional 530,200 shares during the period. 92.52% of the stock is currently owned by institutional investors.
American Tower Corp (NYSE AMT) opened at $143.58 on Monday. The stock has a market capitalization of $63,297.39, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 1.61 and a beta of 0.80. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.25 and a quick ratio of 1.25. American Tower Corp has a 12 month low of $113.11 and a 12 month high of $155.28.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Shareholders of record on Wednesday, April 11th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Tuesday, April 10th. This is an increase from American Tower’s previous quarterly dividend of $0.70. American Tower’s dividend payout ratio is 104.87%.
American Tower declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 7th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have recently weighed in on AMT shares. Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a research report on Tuesday, January 2nd. Oppenheimer increased their price target 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 reissued an “overweight” rating and issued a $172.00 price target on shares of American Tower in a research report on Wednesday, December 13th. ValuEngine lowered American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, KeyCorp reissued an “overweight” rating and issued a $177.00 price target (up from $156.00) on shares of American Tower in a research report on Monday, November 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $157.87.
In other American Tower news, Director David E. Sharbutt sold 1,584 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was 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 in the company, valued at approximately $702,122.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Samme L. Thompson sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were 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. 0.86% of the stock is owned by corporate insiders.
TRADEMARK VIOLATION WARNING: This story was originally posted by Sports Perspectives and is the sole property of of Sports Perspectives. If you are reading this story on another website, it was illegally copied and reposted in violation of US and international copyright and trademark laws. The original version of this story can be read at https://sportsperspectives.com/2018/03/12/riverpark-advisors-llc-lowers-stake-in-american-tower-corp-amt.html.
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.
Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corp (NYSE:AMT).
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.