Foresters Investment Management Company Inc. acquired a new position in American Tower Corp (NYSE:AMT) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 35,750 shares of the real estate investment trust’s stock, valued at approximately $7,309,000.
Other institutional investors have also recently made changes to their positions in the company. Nelson Roberts Investment Advisors LLC purchased a new stake in American Tower during the second quarter valued at approximately $27,000. Cable Hill Partners LLC raised its holdings in shares of American Tower by 61.9% in the first 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. Next Capital Management LLC purchased a new position in American Tower during the 2nd quarter worth $31,000. CX Institutional increased its holdings in American Tower by 54.9% during the 2nd quarter. CX Institutional now owns 158 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 56 shares during the period. Finally, Litman Gregory Asset Management LLC bought a new stake in American Tower during the 2nd quarter valued at $33,000. 92.56% of the stock is owned by institutional investors.
Several analysts have issued reports on AMT shares. Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a research report on Tuesday, August 20th. UBS Group cut American Tower from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $195.00 to $222.00 in a research report on Friday, June 7th. Citigroup lifted their price target on American Tower from $236.00 to $240.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price objective on American Tower from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, SunTrust Banks lifted their price target on American Tower to $230.00 and gave the company a “buy” 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 company. American Tower currently has an average rating of “Hold” and a consensus price target of $205.87.
Shares of AMT traded down $1.42 during mid-day trading on Friday, hitting $217.43. 248,359 shares of the company’s stock were exchanged, compared to its average volume of 1,690,541. The firm has a market capitalization of $95.71 billion, a P/E ratio of 27.21, a P/E/G ratio of 1.75 and a beta of 0.47. American Tower Corp has a fifty-two week low of $140.40 and a fifty-two week high of $242.00. The business’s 50 day moving average is $221.91 and its two-hundred day moving average is $204.45. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 4.13.
American Tower (NYSE:AMT) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.87 by ($0.91). The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.83 billion. American Tower had a return on equity of 24.75% and a net margin of 19.30%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.74 earnings per share. On average, equities research analysts forecast that American Tower Corp will post 7.67 earnings per share for the current year.
In other news, Director Pamela D. A. Reeve sold 4,167 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $240.80, for a total value of $1,003,413.60. Following the completion of the transaction, the director now owns 19,139 shares in the company, valued at approximately $4,608,671.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO James D. Taiclet, Jr. sold 57,438 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $201.40, for a total transaction of $11,568,013.20. Following the completion of the transaction, the chief executive officer now owns 255,414 shares of the company’s stock, valued at approximately $51,440,379.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 135,354 shares of company stock valued at $28,232,160. Corporate insiders own 0.75% of the company’s stock.
American Tower Company 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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