Whittier Trust Co. of Nevada Inc. Cuts Holdings in American Tower Co. (NYSE:AMT)

Whittier Trust Co. of Nevada Inc. trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 8.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 9,398 shares of the real estate investment trust’s stock after selling 854 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in American Tower were worth $1,827,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Fortis Capital Advisors LLC purchased a new position in American Tower in the 4th quarter valued at approximately $220,000. Kovack Advisors Inc. purchased a new position in American Tower in the 4th quarter valued at approximately $319,000. Principle Wealth Partners LLC increased its stake in American Tower by 21.3% in the 4th quarter. Principle Wealth Partners LLC now owns 3,502 shares of the real estate investment trust’s stock valued at $756,000 after purchasing an additional 616 shares in the last quarter. Sargent Investment Group LLC increased its stake in American Tower by 8.8% in the 4th quarter. Sargent Investment Group LLC now owns 1,639 shares of the real estate investment trust’s stock valued at $354,000 after purchasing an additional 133 shares in the last quarter. Finally, Silver Oak Securities Incorporated increased its stake in American Tower by 87.6% in the 4th quarter. Silver Oak Securities Incorporated now owns 1,334 shares of the real estate investment trust’s stock valued at $288,000 after purchasing an additional 623 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Down 1.6 %

Shares of AMT stock traded down $3.64 during mid-day trading on Thursday, hitting $221.61. 702,966 shares of the company’s stock were exchanged, compared to its average volume of 2,318,897. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $236.13. The stock has a 50-day simple moving average of $211.03 and a two-hundred day simple moving average of $197.22. 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 stock has a market cap of $103.51 billion, a price-to-earnings ratio of 50.41, a PEG ratio of 1.52 and a beta of 0.81.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the previous year, the business posted $2.46 EPS. American Tower’s revenue was up 4.7% compared to the same quarter last year. Equities analysts expect that American Tower Co. will post 10.04 EPS for the current fiscal year.

Insider Activity at American Tower

In related news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the transaction, the executive vice president now owns 28,413 shares in the company, valued at $5,692,828.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the firm’s 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 transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,227 shares of company stock worth $8,497,458. 0.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AMT has been the subject of several research analyst reports. TD Cowen raised their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada increased their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Scotiabank increased their target price on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 31st. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company increased their target price on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.