Bridgecreek Investment Management LLC Purchases Shares of 6,259 American Tower Corp (AMT)
Bridgecreek Investment Management LLC purchased a new position in shares of American Tower Corp (NYSE:AMT) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 6,259 shares of the real estate investment trust’s stock, valued at approximately $893,000.
A number of other institutional investors have also recently added to or reduced their stakes in AMT. Howe & Rusling Inc. boosted its holdings 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 worth $117,000 after purchasing an additional 804 shares during the last quarter. Legacy Advisors LLC purchased a new position in American Tower during the third quarter worth about $132,000. Fieldpoint Private Securities LLC boosted its holdings 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 worth $145,000 after purchasing an additional 435 shares during the last quarter. Americafirst Capital Management LLC purchased a new position in American Tower during the third quarter worth about $173,000. Finally, Laurel Wealth Advisors Inc. purchased a new position in American Tower during the third quarter worth about $202,000. Institutional investors and hedge funds own 91.75% of the company’s stock.
In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,667 shares of American Tower stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $142.52, for a total value of $4,940,740.84. Following the sale, the chairman now owns 305,374 shares of the company’s stock, valued at $43,521,902.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David E. Sharbutt sold 1,584 shares of American Tower 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 directly owns 4,861 shares in the company, 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 worth $11,026,134. Insiders own 0.86% of the company’s stock.
American Tower announced that its board has initiated a stock repurchase plan 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 buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th were given a $0.70 dividend. This is a positive change from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, December 27th. This represents a $2.80 annualized dividend and a yield of 2.10%. American Tower’s payout ratio is currently 106.46%.
Several research firms recently weighed in on AMT. Jefferies Group boosted their price target on shares of American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, November 1st. KeyCorp restated an “overweight” rating and set a $177.00 price target (up from $156.00) on shares of American Tower in a report on Monday, November 27th. Argus boosted their price target on shares of American Tower to $170.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. Macquarie boosted their price target on shares of American Tower from $162.00 to $165.00 and gave the stock an “outperform” rating in a report on Wednesday, November 1st. Finally, Morgan Stanley boosted their price target on shares of American Tower from $155.00 to $172.00 and gave the stock an “overweight” rating in a report on Tuesday, November 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have assigned a buy rating to the stock. American Tower currently has a consensus rating of “Buy” and an average target price of $158.60.
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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