Royal London Asset Management Ltd. Decreases Stock Position in American Tower Co. (NYSE:AMT)

Royal London Asset Management Ltd. trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 1.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 217,978 shares of the real estate investment trust’s stock after selling 2,798 shares during the quarter. Royal London Asset Management Ltd.’s holdings in American Tower were worth $42,371,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of AMT. Fortis Capital Advisors LLC purchased a new position in American Tower in the 4th quarter worth about $220,000. Accretive Wealth Partners LLC lifted its position in American Tower by 9.4% during the fourth quarter. Accretive Wealth Partners LLC now owns 4,435 shares of the real estate investment trust’s stock valued at $958,000 after purchasing an additional 380 shares during the period. Aveo Capital Partners LLC purchased a new stake in American Tower in the fourth quarter worth approximately $344,000. Gryphon Financial Partners LLC grew its position in American Tower by 17.4% in the 4th quarter. Gryphon Financial Partners LLC now owns 10,950 shares of the real estate investment trust’s stock worth $2,472,000 after purchasing an additional 1,620 shares during the period. Finally, Avantax Advisory Services Inc. raised its stake in American Tower by 7.3% during the 4th quarter. Avantax Advisory Services Inc. now owns 33,577 shares of the real estate investment trust’s stock valued at $7,248,000 after buying an additional 2,274 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

NYSE:AMT opened at $242.82 on Wednesday. The stock has a market cap of $113.42 billion, a PE ratio of 54.94, a P/E/G ratio of 1.57 and a beta of 0.83. 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 business’s 50-day simple moving average is $218.46 and its two-hundred day simple moving average is $200.20. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the prior year, the firm posted $2.46 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, analysts forecast that American Tower Co. will post 10.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $246.00 price objective (up previously from $225.00) on shares of American Tower in a report on Wednesday, July 31st. The Goldman Sachs Group began coverage on shares of American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price target for the company. Scotiabank raised their price objective on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. Royal Bank of Canada upped their target price on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Finally, Barclays dropped their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $231.14.

Insider Buying and Selling

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were 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 approximately $14,223,890. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred 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 of the company’s stock, valued at approximately $14,223,890. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is owned by insiders.

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.