Thrivent Financial for Lutherans Has $25.02 Million Stake in American Tower Co. (NYSE:AMT)

Thrivent Financial for Lutherans reduced its stake in American Tower Co. (NYSE:AMT) by 0.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 128,722 shares of the real estate investment trust’s stock after selling 155 shares during the period. Thrivent Financial for Lutherans’ holdings in American Tower were worth $25,021,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwest Investment Counselors LLC acquired a new position in shares of American Tower in the first quarter valued at $25,000. Gold Investment Management Ltd. acquired a new position in shares of American Tower in the fourth quarter valued at $28,000. Cultivar Capital Inc. acquired a new position in shares of American Tower in the second quarter valued at $25,000. Hobbs Group Advisors LLC acquired a new position in shares of American Tower in the second quarter valued at $29,000. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of American Tower in the first quarter valued at $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AMT shares. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. TD Cowen boosted their target price on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, The Goldman Sachs Group started coverage on shares of American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 target price for the company. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average price target of $234.00.

American Tower Stock Up 0.5 %

AMT stock opened at $236.24 on Tuesday. The stock has a market capitalization of $110.32 billion, a P/E ratio of 53.45, a price-to-earnings-growth ratio of 1.60 and a beta of 0.83. 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 12 month low of $154.58 and a 12 month high of $243.56. The firm has a 50-day moving average price of $225.12 and a 200-day moving average price of $202.62.

American Tower (NYSE:AMT) last posted its 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). The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the company posted $2.46 EPS. As a group, equities research analysts anticipate that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders 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 dividend yield of 2.74%. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Insider Activity

In other news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock valued at $7,795,397 over the last quarter. 0.18% of the stock is owned by company insiders.

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.