Texas Permanent School Fund lowered its stake in shares of American Tower Corp (NYSE:AMT) by 1.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 117,074 shares of the real estate investment trust’s stock after selling 1,864 shares during the period. Texas Permanent School Fund’s holdings in American Tower were worth $16,703,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Atlantic Trust LLC grew its position in shares of 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 valued at $575,000 after acquiring an additional 21 shares during the period. Keel Point LLC grew its position in shares of 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 valued at $1,153,000 after acquiring an additional 98 shares during the period. Millie Capital Management LLC grew its position in shares of 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 valued at $2,637,000 after acquiring an additional 138 shares during the period. Veritable L.P. grew its position in shares of 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 valued at $2,347,000 after acquiring an additional 140 shares during the period. Finally, Princeton Portfolio Strategies Group LLC grew its position in shares of 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 valued at $7,535,000 after acquiring an additional 158 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

American Tower Corp (NYSE:AMT) traded up $1.62 during mid-day trading on Tuesday, reaching $139.24. The company had a trading volume of 1,826,800 shares, compared to its average volume of 2,461,236. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61. American Tower Corp has a 12 month low of $102.73 and a 12 month high of $155.28. The firm has a market cap of $59,880.00, a PE ratio of 52.94, a price-to-earnings-growth ratio of 1.30 and a beta of 0.73.

American Tower (NYSE:AMT) last posted 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 Thomson Reuters’ consensus estimate of $1.61 by ($0.92). American Tower had a return on equity of 16.98% and a net margin of 18.63%. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. equities research analysts anticipate that American Tower Corp will post 6.53 earnings per share for the current fiscal year.

American Tower declared that its board has authorized a share buyback program on Thursday, December 7th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Thursday, December 28th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.01%. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date was Wednesday, December 27th. American Tower’s payout ratio is presently 106.46%.

In related news, Chairman James D. Taiclet, Jr. sold 34,667 shares of American Tower stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $142.52, for a total value of $4,940,740.84. Following the sale, the chairman now directly owns 305,374 shares in the company, valued at approximately $43,521,902.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of American Tower stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $151.20, for a total value of $5,140,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,251 shares of company stock worth $11,026,134. 0.86% of the stock is currently owned by insiders.

A number of research firms have recently commented on AMT. Zacks Investment Research cut American Tower from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. KeyCorp set a $156.00 target price on American Tower and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Macquarie raised their target price on American Tower from $162.00 to $165.00 and gave the company an “outperform” rating in a research report on Wednesday, November 1st. ValuEngine upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Finally, Cowen restated a “buy” rating on shares of American Tower in a research report on Tuesday, October 24th. One equities research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. American Tower currently has an average rating of “Buy” and a consensus price target of $158.60.

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American Tower Company 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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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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