Brighton Jones LLC Buys Shares of 1,999 American Tower Corp (AMT)
Brighton Jones LLC bought a new stake in shares of American Tower Corp (NYSE:AMT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 1,999 shares of the real estate investment trust’s stock, valued at approximately $285,000.
A number of other large investors have also made changes to their positions in AMT. Cetera Investment Advisers bought a new stake in American Tower during the 2nd quarter valued at approximately $212,000. WFG Advisors LP boosted its stake in American Tower by 29.7% during the 2nd quarter. WFG Advisors LP now owns 1,755 shares of the real estate investment trust’s stock valued at $232,000 after purchasing an additional 402 shares during the period. Achmea Investment Management B.V. boosted its stake in American Tower by 133.8% during the 2nd quarter. Achmea Investment Management B.V. now owns 21,522 shares of the real estate investment trust’s stock valued at $2,845,000 after purchasing an additional 12,315 shares during the period. Brookfield Asset Management Inc. boosted its stake in American Tower by 10.3% during the 2nd quarter. Brookfield Asset Management Inc. now owns 2,628,643 shares of the real estate investment trust’s stock valued at $347,822,000 after purchasing an additional 244,700 shares during the period. Finally, Gs Investments Inc. bought a new stake in American Tower during the 2nd quarter valued at approximately $812,000. Hedge funds and other institutional investors own 91.56% of the company’s stock.
In other news, Chairman James D. Taiclet, Jr. sold 34,667 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chairman now directly owns 305,374 shares of the company’s stock, valued at approximately $43,521,902.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Samme L. Thompson sold 5,000 shares of the stock in a transaction that occurred on 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. Over the last three months, insiders sold 41,251 shares of company stock valued at $5,885,334. 0.86% of the stock is currently owned by insiders.
American Tower declared that its Board of Directors has initiated a share buyback program on Thursday, December 7th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Thursday, December 28th were issued a $0.70 dividend. The ex-dividend date was Wednesday, December 27th. This is a boost from American Tower’s previous quarterly dividend of $0.66. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.05%. American Tower’s dividend payout ratio is presently 106.46%.
AMT has been the subject of several recent analyst reports. Macquarie increased their target price on American Tower from $162.00 to $165.00 and gave the company an “outperform” rating in a research note on Wednesday, November 1st. KeyCorp set a $156.00 target price on American Tower and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Argus increased their target price on American Tower to $170.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Cowen reiterated a “buy” rating on shares of American Tower in a research report on Tuesday, October 24th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $172.00 price objective on shares of American Tower in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average 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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