Coastline Trust Co Takes Position in American Tower Corp (AMT)
Coastline Trust Co purchased a new stake in American Tower Corp (NYSE:AMT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,815 shares of the real estate investment trust’s stock, valued at approximately $544,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Atlantic Trust LLC grew its position in American Tower by 0.5% during the 2nd quarter. Atlantic Trust LLC now owns 4,345 shares of the real estate investment trust’s stock worth $575,000 after purchasing an additional 21 shares in the last quarter. Keel Point LLC grew its position in American Tower by 1.1% during the 2nd quarter. Keel Point LLC now owns 8,711 shares of the real estate investment trust’s stock worth $1,153,000 after purchasing an additional 98 shares in the last quarter. Millie Capital Management LLC grew its position in American Tower by 0.7% during the 2nd quarter. Millie Capital Management LLC now owns 19,932 shares of the real estate investment trust’s stock worth $2,637,000 after purchasing an additional 138 shares in the last quarter. Veritable L.P. grew its position in American Tower by 0.8% during the 2nd quarter. Veritable L.P. now owns 17,740 shares of the real estate investment trust’s stock worth $2,347,000 after purchasing an additional 140 shares in the last quarter. Finally, Princeton Portfolio Strategies Group LLC grew its position in American Tower by 0.3% during the 2nd quarter. Princeton Portfolio Strategies Group LLC now owns 56,945 shares of the real estate investment trust’s stock worth $7,535,000 after purchasing an additional 158 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.
Several equities analysts have weighed in on the stock. Zacks Investment Research cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. KeyCorp set a $156.00 price target on shares of American Tower and gave the company an “overweight” rating in a report on Wednesday, November 1st. Macquarie boosted their price target on shares of American Tower from $162.00 to $165.00 and gave the company an “outperform” rating in a report on Wednesday, November 1st. ValuEngine upgraded shares of American Tower from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Finally, Cowen restated a “buy” rating on shares of American Tower in a report on Tuesday, October 24th. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $158.60.
Shares of American Tower Corp (NYSE AMT) opened at $135.19 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61. American Tower Corp has a 52 week low of $102.73 and a 52 week high of $155.28. The stock has a market cap of $58,598.88, a price-to-earnings ratio of 51.40, a P/E/G ratio of 1.42 and a beta of 0.73.
American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 31st. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.92). American Tower had a net margin of 18.63% and a return on equity of 16.98%. research analysts forecast that American Tower Corp will post 6.53 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Wednesday, December 27th. This is a positive change from American Tower’s previous quarterly dividend of $0.66. American Tower’s payout ratio is presently 106.46%.
American Tower declared that its Board of Directors has approved a share buyback plan 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 reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the business’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $142.52, for a total transaction of $4,940,740.84. Following the completion of the transaction, the chairman now owns 305,374 shares of the company’s stock, valued at approximately $43,521,902.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David E. Sharbutt sold 1,584 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the transaction, the director now directly owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,251 shares of company stock valued at $11,026,134. 0.86% of the stock is owned by company insiders.
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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