American Tower Co. (NYSE:AMT) Shares Sold by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. cut its stake in shares of American Tower Co. (NYSE:AMT) by 5.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,130 shares of the real estate investment trust’s stock after selling 500 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in American Tower were worth $1,593,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Northwest Investment Counselors LLC purchased a new position in American Tower in the first quarter valued at about $25,000. Fairscale Capital LLC acquired a new stake in shares of American Tower in the 2nd quarter worth approximately $27,000. Gold Investment Management Ltd. purchased a new position in American Tower in the 4th quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new position in American Tower during the second quarter worth $25,000. Finally, Hobbs Group Advisors LLC purchased a new stake in American Tower during the second quarter worth $29,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

American Tower stock opened at $235.06 on Monday. The stock has a fifty day moving average price of $224.57 and a 200 day moving average price of $202.39. 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 52 week low of $154.58 and a 52 week high of $243.56. The firm has a market capitalization of $109.77 billion, a P/E ratio of 53.18, a PEG 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 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 company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the company earned $2.46 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. Equities research analysts anticipate that American Tower Co. will post 10.13 earnings per share for the current year.

American Tower Announces Dividend

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

Insider Buying and Selling

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Steven O. Vondran sold 21,537 shares of American Tower 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following 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. In the last ninety days, insiders have sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on AMT. Royal Bank of Canada lifted 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. Barclays reduced their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. increased their target price on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $233.29.

American Tower 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.