Duff & Phelps Investment Management Co. Decreases Position in American Tower Corp (NYSE:AMT)

Duff & Phelps Investment Management Co. decreased its stake in American Tower Corp (NYSE:AMT) by 2.0% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 379,320 shares of the real estate investment trust’s stock after selling 7,910 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in American Tower were worth $77,552,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Nelson Roberts Investment Advisors LLC purchased a new position in American Tower in the second quarter valued at about $27,000. Cable Hill Partners LLC boosted its holdings in American Tower by 61.9% in the first quarter. Cable Hill Partners LLC now owns 136 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Next Capital Management LLC purchased a new position in American Tower in the second quarter valued at about $31,000. CX Institutional boosted its holdings in American Tower by 54.9% in the second quarter. CX Institutional now owns 158 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 56 shares during the last quarter. Finally, Litman Gregory Asset Management LLC purchased a new position in American Tower in the second quarter valued at about $33,000. 93.68% of the stock is owned by institutional investors.

NYSE:AMT traded down $0.07 during trading hours on Friday, reaching $224.13. 448,001 shares of the stock were exchanged, compared to its average volume of 1,682,329. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 4.13. The firm has a 50 day simple moving average of $210.83 and a 200-day simple moving average of $197.58. American Tower Corp has a 52 week low of $140.40 and a 52 week high of $224.71. The stock has a market capitalization of $97.88 billion, a P/E ratio of 28.05, a P/E/G ratio of 1.80 and a beta of 0.50.



American Tower (NYSE:AMT) last announced its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.91). The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.83 billion. American Tower had a return on equity of 24.75% and a net margin of 19.30%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.74 earnings per share. As a group, analysts expect that American Tower Corp will post 7.66 earnings per share for the current year.

A number of research analysts recently commented on AMT shares. JPMorgan Chase & Co. increased their price target on American Tower from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. SunTrust Banks increased their target price on American Tower to $230.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Royal Bank of Canada increased their target price on American Tower from $195.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, May 9th. KeyCorp increased their target price on American Tower from $207.00 to $225.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. They noted that the move was a valuation call. Finally, UBS Group downgraded American Tower from a “buy” rating to a “neutral” rating and increased their target price for the stock from $195.00 to $222.00 in a report on Friday, June 7th. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. American Tower presently has an average rating of “Hold” and an average price target of $195.60.

In other news, CEO James D. Taiclet, Jr. sold 57,439 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $207.93, for a total transaction of $11,943,291.27. Following the sale, the chief executive officer now directly owns 255,415 shares in the company, valued at approximately $53,108,440.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David E. Sharbutt sold 2,039 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $217.59, for a total value of $443,666.01. Following the sale, the director now owns 3,936 shares in the company, valued at $856,434.24. The disclosure for this sale can be found here. Insiders have sold a total of 191,020 shares of company stock worth $39,584,998 over the last quarter. Insiders own 0.75% of the company’s stock.

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 approximately 171,000 communications sites.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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