Kentucky Retirement Systems Sells 212 Shares of American Tower Co. (NYSE:AMT)

Kentucky Retirement Systems reduced its holdings in shares of American Tower Co. (NYSE:AMT) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,190 shares of the real estate investment trust’s stock after selling 212 shares during the quarter. Kentucky Retirement Systems’ holdings in American Tower were worth $6,840,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the first quarter worth about $25,000. Cultivar Capital Inc. acquired a new position in American Tower during the 2nd quarter worth approximately $25,000. Gold Investment Management Ltd. bought a new position in American Tower in the 4th quarter valued at approximately $28,000. Hobbs Group Advisors LLC acquired a new stake in American Tower in the second quarter valued at approximately $29,000. Finally, SOA Wealth Advisors LLC. bought a new stake in shares of American Tower during the first quarter worth $30,000. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of research reports. Royal Bank of Canada increased their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Scotiabank increased their target price on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price target on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company upped their price objective on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, TD Cowen lifted their target price on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average price target of $233.29.

Insider Activity

In related news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock worth $7,795,397 in the last quarter. 0.18% of the stock is owned by corporate insiders.

American Tower Trading Down 1.5 %

AMT opened at $235.95 on Thursday. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $243.56. The company has a fifty day moving average of $223.58 and a 200-day moving average of $202.03. The stock has a market cap of $110.18 billion, a PE ratio of 53.38, a price-to-earnings-growth ratio of 1.60 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the business posted $2.46 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts predict that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.75%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 146.61%.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.