LGT Group Foundation Has $7.04 Million Stake in American Tower Co. (NYSE:AMT)

LGT Group Foundation cut its stake in American Tower Co. (NYSE:AMT) by 1.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,214 shares of the real estate investment trust’s stock after selling 523 shares during the quarter. LGT Group Foundation’s holdings in American Tower were worth $7,039,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of AMT. Meyer Handelman Co. acquired a new stake in American Tower during the 1st quarter worth approximately $801,000. TD Asset Management Inc grew its holdings in shares of American Tower by 23.2% during the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after buying an additional 51,882 shares in the last quarter. Kingsview Wealth Management LLC raised its position in American Tower by 13.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after buying an additional 4,660 shares during the last quarter. Berkeley Capital Partners LLC lifted its stake in American Tower by 3.5% in the 4th quarter. Berkeley Capital Partners LLC now owns 3,895 shares of the real estate investment trust’s stock valued at $841,000 after acquiring an additional 130 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in shares of American Tower by 27.7% during the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock worth $4,029,000 after acquiring an additional 4,430 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Barclays dropped their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. The Goldman Sachs Group assumed coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price target on the stock. BMO Capital Markets reissued an “outperform” rating and issued a $246.00 target price (up from $225.00) on shares of American Tower in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada upped their price target on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus price target of $231.14.

Insider Activity at American Tower

In related news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’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 value of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock valued at $7,795,397 over the last quarter. 0.18% of the stock is owned by corporate insiders.

American Tower Price Performance

NYSE:AMT opened at $238.69 on Tuesday. 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 firm has a market cap of $111.46 billion, a price-to-earnings ratio of 54.00, a P/E/G ratio of 1.57 and a beta of 0.83. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $239.21. The firm’s 50-day simple moving average is $217.45 and its 200 day simple moving average is $199.83.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.46 earnings per share. As a group, sell-side analysts predict that American Tower Co. will post 10.18 earnings per share for the current year.

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.