American Tower Co. (NYSE:AMT) Shares Acquired by Parallel Advisors LLC

Parallel Advisors LLC grew its stake in American Tower Co. (NYSE:AMT) by 2.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,997 shares of the real estate investment trust’s stock after purchasing an additional 442 shares during the period. Parallel Advisors LLC’s holdings in American Tower were worth $4,276,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AMT. Norges Bank acquired a new position in American Tower during the fourth quarter worth $1,051,898,000. Wellington Management Group LLP grew its holdings in 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 acquiring an additional 2,839,570 shares during the period. Principal Financial Group Inc. grew its holdings in 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 acquiring an additional 2,336,501 shares during the period. Edgewood Management LLC grew its holdings in American Tower by 46.2% during the fourth quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after acquiring an additional 1,576,683 shares during the period. Finally, Vanguard Group Inc. grew its holdings in American Tower by 1.6% during the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock worth $12,248,812,000 after acquiring an additional 965,938 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of a number of recent analyst reports. Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Wells Fargo & Company boosted their target price on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Scotiabank boosted their target price on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Finally, Barclays decreased their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. 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. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $233.29.

American Tower Stock Up 0.6 %

Shares of NYSE:AMT opened at $238.50 on Friday. 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 Co. has a 52-week low of $154.58 and a 52-week high of $243.56. The stock’s fifty day simple moving average is $221.05 and its 200-day simple moving average is $201.18. The company has a market capitalization of $111.40 billion, a P/E ratio of 53.96, a P/E/G ratio of 1.57 and a beta of 0.83.

American Tower (NYSE:AMT) last issued its quarterly earnings data 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). The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.46 earnings per share. As a group, equities research analysts forecast that American Tower Co. will post 10.18 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a $1.62 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.72%. American Tower’s payout ratio is currently 146.61%.

Insider Activity at American Tower

In related news, EVP Olivier Puech sold 10,005 shares of the company’s 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 directly owns 51,746 shares in the company, valued at $12,070,789.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Olivier Puech sold 10,005 shares of the company’s 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 directly owns 51,746 shares in the company, valued at $12,070,789.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is currently owned by insiders.

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.