American Tower Co. (NYSE:AMT) Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC decreased its position in shares of American Tower Co. (NYSE:AMT) by 11.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,715 shares of the real estate investment trust’s stock after selling 3,187 shares during the quarter. Park Avenue Securities LLC’s holdings in American Tower were worth $4,610,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in AMT. Northwest Investment Counselors LLC purchased a new position in shares of American Tower during the 1st quarter valued at approximately $25,000. Gold Investment Management Ltd. purchased a new position in American Tower in the 4th quarter valued at $28,000. SOA Wealth Advisors LLC. purchased a new position in American Tower in the 1st quarter valued at $30,000. Private Wealth Management Group LLC purchased a new position in American Tower in the 4th quarter valued at $31,000. Finally, Rational Advisors LLC purchased a new position in American Tower in the 1st quarter valued at $35,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE AMT traded down $2.13 on Wednesday, reaching $226.03. The stock had a trading volume of 3,315,735 shares, compared to its average volume of 2,360,306. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.85 and a current ratio of 0.81. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $236.13. The business’s 50-day moving average price is $202.68 and its 200 day moving average price is $194.45. The stock has a market cap of $105.55 billion, a P/E ratio of 51.71, a price-to-earnings-growth ratio of 1.65 and a beta of 0.81.

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 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 analysts’ expectations of $2.82 billion. During the same quarter in the prior year, the firm posted $2.46 EPS. American Tower’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts expect that American Tower Co. will post 10.04 earnings per share for the current year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s payout ratio is currently 146.61%.

Insider Activity

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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock was 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 $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction on 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 in the company, valued at $14,223,890. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,227 shares of company stock valued at $8,497,458. Company insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

AMT has been the subject of a number of recent research reports. The Goldman Sachs Group initiated coverage on American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 target price for the company. Wells Fargo & Company raised their price objective on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. TD Cowen raised their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, BMO Capital Markets reissued an “outperform” rating and set a $246.00 price objective (up from $225.00) on shares of American Tower in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $230.42.

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.