1832 Asset Management L.P. Sells 673,647 Shares of American Tower Co. (NYSE:AMT)

1832 Asset Management L.P. decreased its holdings in shares of American Tower Co. (NYSE:AMT) by 33.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,314,972 shares of the real estate investment trust’s stock after selling 673,647 shares during the period. 1832 Asset Management L.P. owned about 0.28% of American Tower worth $255,604,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of AMT. Frank Rimerman Advisors LLC grew its position in American Tower by 17,200.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 3,633 shares of the real estate investment trust’s stock worth $706,000 after acquiring an additional 3,612 shares during the last quarter. Profund Advisors LLC grew its stake in shares of American Tower by 2.9% during the second quarter. Profund Advisors LLC now owns 7,426 shares of the real estate investment trust’s stock worth $1,443,000 after purchasing an additional 212 shares during the period. Summit Trail Advisors LLC increased its stake in shares of American Tower by 16.3% in the 2nd quarter. Summit Trail Advisors LLC now owns 5,671 shares of the real estate investment trust’s stock valued at $1,111,000 after acquiring an additional 795 shares during the last quarter. Capstone Triton Financial Group LLC boosted its position in shares of American Tower by 7.3% during the second quarter. Capstone Triton Financial Group LLC now owns 6,650 shares of the real estate investment trust’s stock worth $1,293,000 after purchasing an additional 451 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in American Tower by 0.5% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 92,856 shares of the real estate investment trust’s stock worth $18,049,000 after acquiring an additional 503 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on AMT shares. Barclays reduced their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Scotiabank boosted their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. 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 report on Wednesday, July 31st. Mizuho boosted their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Finally, TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” 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 given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $233.29.

American Tower Stock Performance

NYSE:AMT opened at $235.06 on Friday. The stock has a fifty day moving average price of $224.57 and a 200-day moving average price of $202.42. The company has a market cap of $109.77 billion, a price-to-earnings ratio of 53.18, a PEG ratio of 1.60 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.82 billion. During the same period last year, the firm posted $2.46 EPS. American Tower’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts anticipate that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be issued a $1.62 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.76%. American Tower’s payout ratio is presently 146.61%.

Insiders Place Their Bets

In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The stock was 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 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 is available at this link. In related news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the company’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 sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock valued at $7,795,397 in the last 90 days. Corporate insiders own 0.18% of the company’s stock.

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.