Tredje AP fonden Decreases Stock Position in American Tower Co. (NYSE:AMT)

Tredje AP fonden decreased its stake in shares of American Tower Co. (NYSE:AMT) by 5.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,451 shares of the real estate investment trust’s stock after selling 4,400 shares during the quarter. Tredje AP fonden’s holdings in American Tower were worth $14,472,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of AMT. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the first quarter worth approximately $25,000. Cultivar Capital Inc. acquired a new position in American Tower during the 2nd quarter worth approximately $25,000. Gold Investment Management Ltd. purchased a new stake in shares of American Tower in the 4th quarter valued at approximately $28,000. Hobbs Group Advisors LLC purchased a new stake in shares of American Tower during the 2nd quarter worth $29,000. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of American Tower during the first quarter worth $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $239.44 on Wednesday. The business’s 50-day moving average price is $222.80 and its 200 day moving average price is $201.79. 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 firm has a market cap of $111.84 billion, a P/E ratio of 54.17, 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 $243.56.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) 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 company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the firm posted $2.46 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities research analysts expect that American Tower Co. will post 10.18 earnings per share for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Insider Activity

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction dated 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 directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction 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 directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction dated 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 of the company’s stock, 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 quarter. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AMT shares. JPMorgan Chase & Co. raised their price target on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group began coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 target price on the stock. TD Cowen increased their price target on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Barclays reduced their price objective on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Finally, Mizuho increased their target price on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $233.29.

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.