Grand Jean Capital Management Inc. Decreases Stock Holdings in American Tower Corp (NYSE:AMT)

Grand Jean Capital Management Inc. trimmed its position in shares of American Tower Corp (NYSE:AMT) by 30.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 48,339 shares of the real estate investment trust’s stock after selling 21,529 shares during the quarter. American Tower comprises about 4.0% of Grand Jean Capital Management Inc.’s investment portfolio, making the stock its 13th largest holding. Grand Jean Capital Management Inc.’s holdings in American Tower were worth $9,883,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AMT. Commerzbank Aktiengesellschaft FI increased its holdings in American Tower by 136.6% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 34,931 shares of the real estate investment trust’s stock worth $7,142,000 after buying an additional 20,167 shares during the period. Commonwealth Equity Services LLC increased its holdings in American Tower by 5.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 75,512 shares of the real estate investment trust’s stock worth $15,438,000 after buying an additional 3,774 shares during the period. Stock Yards Bank & Trust Co. increased its holdings in American Tower by 0.8% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 98,498 shares of the real estate investment trust’s stock worth $20,138,000 after buying an additional 804 shares during the period. Calamos Advisors LLC increased its holdings in American Tower by 1.1% in the 2nd quarter. Calamos Advisors LLC now owns 278,307 shares of the real estate investment trust’s stock worth $56,900,000 after buying an additional 3,102 shares during the period. Finally, Autus Asset Management LLC increased its holdings in American Tower by 45.4% in the 2nd quarter. Autus Asset Management LLC now owns 7,391 shares of the real estate investment trust’s stock worth $1,511,000 after buying an additional 2,309 shares during the period. 92.56% of the stock is owned by institutional investors and hedge funds.

In related news, Director Craig Macnab sold 5,953 shares of American Tower stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $225.46, for a total value of $1,342,163.38. Following the sale, the director now owns 14,341 shares of the company’s stock, valued at approximately $3,233,321.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Pamela D. A. Reeve sold 4,167 shares of American Tower stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $240.80, for a total transaction of $1,003,413.60. Following the completion of the sale, the director now directly owns 19,139 shares in the company, valued at approximately $4,608,671.20. The disclosure for this sale can be found here. Insiders sold a total of 135,354 shares of company stock worth $28,232,160 in the last three months. 0.75% of the stock is owned by corporate insiders.

AMT has been the topic of several research reports. KeyCorp increased their price target on shares of American Tower from $225.00 to $253.00 and gave the stock an “overweight” rating in a report on Monday, August 19th. Citigroup raised their price objective on shares of American Tower from $236.00 to $240.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. UBS Group cut shares of American Tower from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $195.00 to $222.00 in a research note on Friday, June 7th. Morgan Stanley raised their price objective on shares of American Tower from $185.00 to $201.00 and gave the stock an “equal weight” rating in a research note on Monday, May 20th. Finally, JPMorgan Chase & Co. raised their price objective on shares of American Tower from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Ten analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $205.87.

Shares of NYSE AMT traded down $1.19 during midday trading on Friday, reaching $217.66. 21,237 shares of the stock were exchanged, compared to its average volume of 1,690,541. The firm has a market cap of $95.71 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 1.75 and a beta of 0.47. American Tower Corp has a twelve month low of $140.40 and a twelve month high of $242.00. The firm has a 50-day simple moving average of $221.91 and a two-hundred day simple moving average of $204.45. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 4.13.

American Tower (NYSE:AMT) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.91). American Tower had a net margin of 19.30% and a return on equity of 24.75%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the prior year, the business posted $1.74 EPS. American Tower’s revenue was up 6.1% compared to the same quarter last year. Research analysts expect that American Tower Corp will post 7.67 EPS for the current fiscal year.

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 approximately 171,000 communications sites.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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