Bank of New York Mellon Corp Purchases 123,625 Shares of American Tower Co. (REIT) (NYSE:AMT)

Bank of New York Mellon Corp raised its position in shares of American Tower Co. (REIT) (NYSE:AMT) by 3.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,175,050 shares of the real estate investment trust’s stock after acquiring an additional 123,625 shares during the period. Bank of New York Mellon Corp owned approximately 0.92% of American Tower worth $1,127,849,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Dupont Capital Management Corp lifted its stake in shares of American Tower by 43.0% in the second quarter. Dupont Capital Management Corp now owns 40,934 shares of the real estate investment trust’s stock valued at $11,058,000 after buying an additional 12,316 shares during the period. Achmea Investment Management B.V. lifted its stake in shares of American Tower by 9.1% in the first quarter. Achmea Investment Management B.V. now owns 59,281 shares of the real estate investment trust’s stock valued at $14,172,000 after buying an additional 4,951 shares during the period. Doyle Wealth Management lifted its stake in shares of American Tower by 78.8% in the first quarter. Doyle Wealth Management now owns 30,945 shares of the real estate investment trust’s stock valued at $7,398,000 after buying an additional 13,635 shares during the period. State of Michigan Retirement System lifted its stake in American Tower by 2.5% during the second quarter. State of Michigan Retirement System now owns 114,295 shares of the real estate investment trust’s stock worth $30,876,000 after purchasing an additional 2,800 shares during the period. Finally, Securian Asset Management Inc lifted its stake in American Tower by 126.1% during the first quarter. Securian Asset Management Inc now owns 152,179 shares of the real estate investment trust’s stock worth $36,380,000 after purchasing an additional 84,878 shares during the period. Institutional investors own 89.57% of the company’s stock.

A number of research analysts have commented on the stock. Credit Suisse Group raised their price target on shares of American Tower from $314.00 to $323.00 and gave the stock an “outperform” rating in a research note on Friday, July 30th. Citigroup cut shares of American Tower from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 13th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of American Tower from $250.00 to $295.00 and gave the stock a “hold” rating in a report on Thursday, July 8th. They noted that the move was a valuation call. Morgan Stanley raised their price objective on shares of American Tower from $270.00 to $316.00 and gave the stock an “equal weight” rating in a report on Friday, September 10th. They noted that the move was a valuation call. Finally, Raymond James raised their price objective on shares of American Tower from $261.00 to $296.00 and gave the stock an “outperform” rating in a report on Tuesday, August 3rd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $298.29.

In other American Tower news, Director Robert D. Hormats sold 100 shares of the firm’s stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $272.87, for a total value of $27,287.00. Following the transaction, the director now directly owns 6,640 shares of the company’s stock, valued at $1,811,856.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David E. Sharbutt sold 739 shares of the firm’s stock in a transaction that occurred on Friday, September 3rd. The shares were sold at an average price of $300.71, for a total transaction of $222,224.69. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,085 shares of company stock worth $2,552,330. Insiders own 0.68% of the company’s stock.

Shares of American Tower stock traded up $0.34 during midday trading on Wednesday, reaching $292.21. The company had a trading volume of 3,400 shares, compared to its average volume of 1,852,866. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 4.83. The company has a market capitalization of $133.00 billion, a price-to-earnings ratio of 58.84, a price-to-earnings-growth ratio of 2.07 and a beta of 0.24. The stock has a fifty day simple moving average of $287.84 and a 200 day simple moving average of $263.65. American Tower Co. has a 1-year low of $197.50 and a 1-year high of $303.72.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%. Sell-side analysts expect that American Tower Co. will post 9.28 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Tuesday, September 28th will be paid a $1.31 dividend. The ex-dividend date is Monday, September 27th. This is a boost from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 dividend on an annualized basis and a yield of 1.79%. American Tower’s dividend payout ratio (DPR) is presently 60.19%.

About American Tower

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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

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