Mutual of America Capital Management LLC Lowers Stake in American Tower Co. (NYSE:AMT)

Mutual of America Capital Management LLC lessened its position in shares of American Tower Co. (NYSE:AMT) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 58,894 shares of the real estate investment trust’s stock after selling 2,229 shares during the period. Mutual of America Capital Management LLC’s holdings in American Tower were worth $11,448,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in American Tower by 1.6% during the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after acquiring an additional 965,938 shares during the period. Cohen & Steers Inc. lifted its stake in shares of American Tower by 3.7% during the fourth quarter. Cohen & Steers Inc. now owns 16,440,715 shares of the real estate investment trust’s stock worth $3,549,366,000 after purchasing an additional 583,892 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of American Tower by 21.9% during the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after purchasing an additional 2,839,570 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of American Tower by 36.2% during the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock worth $1,737,760,000 after purchasing an additional 2,336,501 shares in the last quarter. Finally, Edgewood Management LLC lifted its stake in shares of American Tower by 46.2% during the fourth quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after purchasing an additional 1,576,683 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

Shares of NYSE:AMT opened at $235.95 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $243.56. The business has a fifty day simple moving average of $223.58 and a 200 day simple moving average of $202.03. The firm has a market cap of $110.18 billion, a price-to-earnings ratio of 53.38, a P/E/G ratio of 1.60 and a beta of 0.83.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) 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 firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the prior year, the business posted $2.46 earnings per share. American Tower’s revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts predict that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

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

Insiders Place Their Bets

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 over the last three months. 0.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on AMT shares. The Goldman Sachs Group started coverage on American Tower in a research note on Monday, July 1st. They set a “buy” rating and a $230.00 price objective on the stock. Wells Fargo & Company boosted their price target on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Royal Bank of Canada boosted their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Finally, JPMorgan Chase & Co. boosted their price target on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $233.29.

American Tower Company Profile

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.