American Tower Co. (NYSE:AMT) Position Reduced by Dark Forest Capital Management LP

Dark Forest Capital Management LP reduced its position in shares of American Tower Co. (NYSE:AMT) by 12.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,687 shares of the real estate investment trust’s stock after selling 241 shares during the quarter. Dark Forest Capital Management LP’s holdings in American Tower were worth $328,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Northwest Investment Counselors LLC acquired a new position in American Tower during the first quarter worth about $25,000. Fairscale Capital LLC acquired a new position in shares of American Tower in the 2nd quarter worth approximately $27,000. Cultivar Capital Inc. bought a new stake in shares of American Tower in the 2nd quarter worth approximately $25,000. Hobbs Group Advisors LLC acquired a new stake in American Tower during the second quarter valued at approximately $29,000. Finally, SOA Wealth Advisors LLC. bought a new stake in American Tower during the first quarter worth approximately $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the 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 owns 61,843 shares in the company, valued at $14,223,890. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is currently owned by insiders.

American Tower Stock Performance

AMT stock opened at $230.32 on Friday. The firm has a 50 day moving average of $226.93 and a two-hundred day moving average of $203.41. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $243.56. The company has a market capitalization of $107.55 billion, a price-to-earnings ratio of 52.11, a P/E/G ratio of 1.08 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 issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (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 during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the prior year, the company posted $2.46 earnings per share. The company’s revenue for the quarter 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is 146.61%.

Analyst Ratings Changes

A number of brokerages have recently commented on AMT. Mizuho increased their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. BMO Capital Markets increased their price target on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Scotiabank raised their target price on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. Finally, Royal Bank of Canada boosted their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $234.00.

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.