Wealth Enhancement Advisory Services LLC trimmed its stake in shares of American Tower Corp (NYSE:AMT) by 1.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 10,374 shares of the real estate investment trust’s stock after selling 203 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in American Tower were worth $2,133,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of AMT. Cable Hill Partners LLC lifted its holdings in American Tower by 61.9% in the 1st quarter. Cable Hill Partners LLC now owns 136 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 52 shares during the period. Nelson Roberts Investment Advisors LLC purchased a new stake in American Tower in the 2nd quarter worth approximately $27,000. Spectrum Management Group Inc. purchased a new stake in American Tower in the 1st quarter worth approximately $29,000. CX Institutional lifted its holdings in American Tower by 54.9% in the 2nd quarter. CX Institutional now owns 158 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 56 shares during the period. Finally, Litman Gregory Asset Management LLC purchased a new stake in American Tower in the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 93.68% of the company’s stock.
AMT has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on American Tower from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. KeyCorp increased their price objective on American Tower from $207.00 to $225.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. They noted that the move was a valuation call. Royal Bank of Canada increased their price objective on American Tower from $195.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, May 9th. SunTrust Banks increased their price objective on American Tower to $230.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, UBS Group cut American Tower from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $195.00 to $222.00 in a report on Friday, June 7th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. American Tower currently has an average rating of “Hold” and an average price target of $195.60.
In other American Tower news, CEO James D. Taiclet, Jr. sold 57,438 shares of American Tower stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $211.89, for a total transaction of $12,170,537.82. Following the completion of the transaction, the chief executive officer now owns 255,414 shares in the company, valued at $54,119,672.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David E. Sharbutt sold 2,039 shares of American Tower stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $217.59, for a total value of $443,666.01. Following the transaction, the director now owns 3,936 shares of the company’s stock, valued at approximately $856,434.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,020 shares of company stock valued at $39,584,998. 0.75% of the stock is currently owned by company insiders.
Shares of AMT traded up $4.13 on Thursday, reaching $223.01. The stock had a trading volume of 69,247 shares, compared to its average volume of 1,630,207. The firm has a market capitalization of $98.41 billion, a price-to-earnings ratio of 27.91, a price-to-earnings-growth ratio of 1.81 and a beta of 0.50. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 4.13. The company’s 50-day moving average price is $210.52. American Tower Corp has a 12-month low of $140.40 and a 12-month high of $224.71.
American Tower (NYSE:AMT) last released its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 EPS for the quarter, missing the Zacks’ consensus estimate of $1.87 by ($0.91). The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.83 billion. American Tower had a net margin of 19.30% and a return on equity of 24.75%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.74 EPS. As a group, sell-side analysts predict that American Tower Corp will post 7.66 earnings per share for the current fiscal year.
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 approximately 171,000 communications sites.
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