Broadleaf Partners LLC Takes Position in American Tower Corp (AMT)
Broadleaf Partners LLC purchased a new stake in shares of American Tower Corp (NYSE:AMT) during the 4th quarter, Holdings Channel reports. The fund purchased 18,703 shares of the real estate investment trust’s stock, valued at approximately $2,668,000. American Tower makes up 2.2% of Broadleaf Partners LLC’s holdings, making the stock its 21st largest position.
Other large investors have also bought and sold shares of the company. Howe & Rusling Inc. raised its position in American Tower by 1,608.0% during the third 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 period. Legacy Advisors LLC acquired a new position in American Tower during the third quarter valued at $132,000. Fieldpoint Private Securities LLC raised its position in American Tower by 69.6% during the third quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 435 shares during the period. Americafirst Capital Management LLC acquired a new position in American Tower during the third quarter valued at $173,000. Finally, Laurel Wealth Advisors Inc. acquired a new position in American Tower during the third quarter valued at $202,000. 91.61% of the stock is currently owned by hedge funds and other institutional investors.
AMT has been the topic of several recent analyst reports. Argus upped their price target on American Tower to $170.00 and gave the company a “buy” rating in a research report on Thursday, November 9th. Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a research report on Friday, November 3rd. Jefferies Group upped their price target on American Tower from $144.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday, November 1st. Cowen reissued a “buy” rating on shares of American Tower in a research report on Tuesday, October 24th. Finally, ValuEngine raised American Tower from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. One analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $158.60.
In other news, Director David E. Sharbutt sold 1,584 shares of the company’s stock in a transaction dated 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 sale, 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 SEC, which is accessible through this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of the company’s stock in a transaction dated 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 quarter, insiders have sold 109,251 shares of company stock valued at $15,765,734. 0.86% of the stock is currently owned by corporate insiders.
American Tower Corp (NYSE:AMT) traded down $2.64 on Friday, hitting $134.97. The stock had a trading volume of 3,244,100 shares, compared to its average volume of 2,192,337. The company has a market cap of $57,400.00, a P/E ratio of 51.32, a PEG ratio of 1.46 and a beta of 0.73. American Tower Corp has a 52 week low of $102.73 and a 52 week high of $155.28. 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Wednesday, December 27th. This is an increase from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio is 106.46%.
American Tower announced that its board has initiated a stock repurchase program on Thursday, December 7th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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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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