Los Angeles Capital Management LLC Reduces Stock Position in American Tower Co. (NYSE:AMT)

Los Angeles Capital Management LLC trimmed its position in shares of American Tower Co. (NYSE:AMT) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 250,279 shares of the real estate investment trust’s stock after selling 1,375 shares during the quarter. Los Angeles Capital Management LLC’s holdings in American Tower were worth $48,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Patron Partners LLC increased its position in American Tower by 10.7% during the second quarter. Patron Partners LLC now owns 3,241 shares of the real estate investment trust’s stock valued at $630,000 after acquiring an additional 312 shares during the last quarter. UNIVEST FINANCIAL Corp grew its stake in shares of American Tower by 2.6% during the 2nd quarter. UNIVEST FINANCIAL Corp now owns 29,789 shares of the real estate investment trust’s stock valued at $5,790,000 after purchasing an additional 754 shares during the period. Candriam S.C.A. increased its position in shares of American Tower by 22.9% during the 2nd quarter. Candriam S.C.A. now owns 43,912 shares of the real estate investment trust’s stock valued at $8,535,000 after purchasing an additional 8,186 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of American Tower by 6.9% in the 2nd quarter. Private Advisor Group LLC now owns 88,731 shares of the real estate investment trust’s stock worth $17,230,000 after purchasing an additional 5,710 shares during the period. Finally, New York Life Investment Management LLC boosted its holdings in shares of American Tower by 0.3% in the second quarter. New York Life Investment Management LLC now owns 106,757 shares of the real estate investment trust’s stock worth $20,751,000 after buying an additional 344 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on AMT shares. The Goldman Sachs Group started coverage on American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 target price on the stock. JPMorgan Chase & Co. raised their price objective on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Royal Bank of Canada boosted their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. BMO Capital Markets restated an “outperform” rating and set a $246.00 target price (up previously from $225.00) on shares of American Tower in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company upped their price target 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. Two research 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $231.14.

American Tower Trading Up 1.1 %

NYSE AMT traded up $2.52 on Friday, hitting $236.16. 2,749,994 shares of the stock were exchanged, compared to its average volume of 2,325,473. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $236.44. The firm has a market capitalization of $110.31 billion, a P/E ratio of 53.45, a P/E/G ratio of 1.54 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average price of $216.56 and a two-hundred day moving average price of $199.32.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the company posted $2.46 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts forecast that American Tower Co. will post 10.18 EPS for the current fiscal year.

Insider Activity at American Tower

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction on 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 sale, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last ninety days. 0.18% of the stock is owned by company insiders.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.