New York Life Investment Management LLC Boosts Stock Position in American Tower Co. (NYSE:AMT)

New York Life Investment Management LLC increased its stake in shares of American Tower Co. (NYSE:AMT) by 0.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 106,757 shares of the real estate investment trust’s stock after buying an additional 344 shares during the quarter. New York Life Investment Management LLC’s holdings in American Tower were worth $20,751,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Northwest Investment Counselors LLC purchased a new position in shares of American Tower during the 1st quarter worth $25,000. Gold Investment Management Ltd. purchased a new position in American Tower during the fourth quarter worth about $28,000. Cultivar Capital Inc. acquired a new position in American Tower in the 2nd quarter valued at about $25,000. Private Wealth Management Group LLC purchased a new stake in shares of American Tower in the 4th quarter valued at approximately $31,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of American Tower during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Activity at American Tower

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower 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 sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The shares were 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 owns 61,843 shares in the company, valued at approximately $14,223,890. 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 90 days. 0.18% of the stock is owned by corporate insiders.

American Tower Stock Performance

NYSE:AMT opened at $236.23 on Friday. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $236.44. The company has a fifty day simple moving average of $216.56 and a two-hundred day simple moving average of $199.32. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a market cap of $110.34 billion, a price-to-earnings ratio of 53.45, a price-to-earnings-growth ratio of 1.54 and a beta of 0.83.

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). The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. American Tower’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.46 EPS. As a group, equities analysts anticipate that American Tower Co. will post 10.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AMT shares. Barclays decreased their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Scotiabank increased their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. TD Cowen boosted their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. The Goldman Sachs Group started coverage on shares of American Tower in a research note on Monday, July 1st. They set a “buy” rating and a $230.00 target price for the company. Finally, Royal Bank of Canada boosted their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

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