Toronto Dominion Bank grew its position in shares of American Tower Co. (REIT) (NYSE:AMT) by 2.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 364,194 shares of the real estate investment trust’s stock after acquiring an additional 10,023 shares during the period. Toronto Dominion Bank’s holdings in American Tower were worth $97,471,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. American Money Management LLC boosted its stake in shares of American Tower by 2.9% in the 2nd quarter. American Money Management LLC now owns 21,228 shares of the real estate investment trust’s stock valued at $5,734,000 after purchasing an additional 605 shares in the last quarter. Avantax Planning Partners Inc. boosted its position in American Tower by 10.0% during the second quarter. Avantax Planning Partners Inc. now owns 3,847 shares of the real estate investment trust’s stock valued at $1,039,000 after buying an additional 350 shares during the period. Bessemer Securities LLC grew its stake in shares of American Tower by 3.9% during the second quarter. Bessemer Securities LLC now owns 10,650 shares of the real estate investment trust’s stock valued at $2,877,000 after buying an additional 400 shares during the last quarter. Tower Bridge Advisors purchased a new position in shares of American Tower in the second quarter worth about $214,000. Finally, Pinnacle Wealth Management Group Inc. purchased a new stake in American Tower during the 2nd quarter valued at about $1,347,000. 89.57% of the stock is currently owned by institutional investors.
A number of research firms have recently weighed in on AMT. Truist increased their price objective on American Tower from $280.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, July 30th. Citigroup lowered shares of American Tower from a “buy” rating to a “neutral” rating in a report on Tuesday, July 13th. Deutsche Bank Aktiengesellschaft boosted their price target on American Tower from $250.00 to $295.00 and gave the company a “hold” rating in a report on Thursday, July 8th. They noted that the move was a valuation call. Truist Securities lifted their price objective on American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Finally, Argus raised their price target on American Tower from $288.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, August 12th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, American Tower currently has a consensus rating of “Buy” and a consensus price target of $298.29.
American Tower (NYSE:AMT) last issued its quarterly earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.62). American Tower had a return on equity of 44.60% and a net margin of 25.84%. Equities research analysts predict that American Tower Co. will post 9.28 EPS for the current year.
In related news, Director David E. Sharbutt sold 739 shares of American Tower stock in a transaction dated Friday, September 3rd. The stock was sold at an average price of $300.71, for a total value of $222,224.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert D. Hormats sold 100 shares of the firm’s stock in a transaction dated Tuesday, August 24th. The shares were sold at an average price of $289.49, for a total transaction of $28,949.00. Following the sale, the director now directly owns 6,340 shares in the company, valued at approximately $1,835,366.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,085 shares of company stock worth $2,552,330. Insiders own 0.68% of the company’s stock.
American Tower Profile
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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