Nomura Asset Management Co. Ltd. decreased its holdings in shares of American Tower Corp (NYSE:AMT) by 9.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 56,892 shares of the real estate investment trust’s stock after selling 5,857 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in American Tower were worth $8,116,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. increased its position in shares of American Tower by 2.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 133,766 shares of the real estate investment trust’s stock valued at $18,284,000 after buying an additional 3,802 shares in the last quarter. Breton Hill Capital Ltd. bought a new stake in shares of American Tower in the 3rd quarter valued at $236,000. Pitcairn Co. increased its position in shares of American Tower by 70.3% in the 3rd quarter. Pitcairn Co. now owns 6,354 shares of the real estate investment trust’s stock valued at $868,000 after buying an additional 2,624 shares in the last quarter. Candriam Luxembourg S.C.A. increased its position in shares of American Tower by 11.2% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 46,941 shares of the real estate investment trust’s stock valued at $6,416,000 after buying an additional 4,739 shares in the last quarter. Finally, FDx Advisors Inc. increased its position in shares of American Tower by 2.9% in the 3rd quarter. FDx Advisors Inc. now owns 17,718 shares of the real estate investment trust’s stock valued at $2,422,000 after buying an additional 504 shares in the last quarter. Institutional investors own 91.78% of the company’s stock.
In other news, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction dated Wednesday, December 13th. The shares were 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 directly owns 4,861 shares in the company, valued at approximately $702,122.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Samme L. Thompson sold 5,000 shares of the stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total transaction of $715,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,251 shares of company stock valued at $5,885,334. Company insiders own 0.86% of the company’s stock.
American Tower (NYSE:AMT) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.63 by ($0.04). American Tower had a return on equity of 17.20% and a net margin of 18.31%. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the company posted $1.52 EPS. American Tower’s revenue for the quarter was up 10.7% on a year-over-year basis. equities analysts forecast that American Tower Corp will post 7.09 earnings per share for the current year.
American Tower declared that its board has approved a share buyback 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 repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Wednesday, April 11th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.09%. This is an increase from American Tower’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, April 10th. American Tower’s dividend payout ratio is currently 104.87%.
A number of research firms recently commented on AMT. 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 report on Monday, November 27th. Morgan Stanley upped their price objective on shares of American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. Zacks Investment Research upgraded shares of 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 Tuesday, January 2nd. ValuEngine cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Citigroup lowered their price objective on shares of American Tower from $169.00 to $162.00 and set a “buy” rating for the company in a research report on Monday, March 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have given a buy rating to the company’s stock. American Tower presently has a consensus rating of “Buy” and an average target price of $157.87.
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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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