American Tower Co. (NYSE:AMT) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its holdings in shares of American Tower Co. (NYSE:AMT) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 135,375 shares of the real estate investment trust’s stock after purchasing an additional 1,601 shares during the quarter. Arizona State Retirement System’s holdings in American Tower were worth $26,314,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of American Tower by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after acquiring an additional 965,938 shares during the last quarter. Cohen & Steers Inc. increased its stake in American Tower by 3.7% during the fourth quarter. Cohen & Steers Inc. now owns 16,440,715 shares of the real estate investment trust’s stock worth $3,549,366,000 after purchasing an additional 583,892 shares during the period. Wellington Management Group LLP increased its stake in shares of American Tower by 21.9% during the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after buying an additional 2,839,570 shares during the period. Principal Financial Group Inc. increased its stake in shares of American Tower by 36.2% during the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock worth $1,737,760,000 after buying an additional 2,336,501 shares during the period. Finally, Akre Capital Management LLC raised its holdings in American Tower by 0.5% during the fourth quarter. Akre Capital Management LLC now owns 6,804,599 shares of the real estate investment trust’s stock worth $1,468,977,000 after purchasing an additional 36,375 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Transactions at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction 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 document filed with the SEC, which is available at the SEC website. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was 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 of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction dated 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 directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

AMT has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. 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 price objective on the stock. Wells Fargo & Company boosted their target price on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Scotiabank lifted their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. Finally, TD Cowen lifted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $231.14.

American Tower Stock Performance

Shares of AMT opened at $233.64 on Friday. The business’s 50 day moving average is $215.72 and its two-hundred day moving average is $198.98. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $236.13. The firm has a market cap of $109.10 billion, a price-to-earnings ratio of 52.86, a PEG ratio of 1.51 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 posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period in the prior year, the company posted $2.46 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. Analysts forecast that American Tower Co. will post 10.05 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.