Westpac Banking Corp cut its holdings in shares of American Tower Corp (NYSE:AMT) by 6.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 226,842 shares of the real estate investment trust’s stock after selling 15,394 shares during the quarter. American Tower comprises 0.7% of Westpac Banking Corp’s investment portfolio, making the stock its 19th largest holding. Westpac Banking Corp owned approximately 0.05% of American Tower worth $46,378,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. BlackRock Inc. raised its stake in shares of American Tower by 2.1% in the first quarter. BlackRock Inc. now owns 30,336,022 shares of the real estate investment trust’s stock valued at $5,978,017,000 after purchasing an additional 610,821 shares in the last quarter. FMR LLC raised its stake in shares of American Tower by 13.3% in the first quarter. FMR LLC now owns 22,818,504 shares of the real estate investment trust’s stock valued at $4,496,615,000 after purchasing an additional 2,673,794 shares in the last quarter. Akre Capital Management LLC raised its stake in shares of American Tower by 1.7% in the first quarter. Akre Capital Management LLC now owns 7,186,828 shares of the real estate investment trust’s stock valued at $1,416,236,000 after purchasing an additional 119,400 shares in the last quarter. Northern Trust Corp raised its stake in shares of American Tower by 1.9% in the first quarter. Northern Trust Corp now owns 6,675,953 shares of the real estate investment trust’s stock valued at $1,315,564,000 after purchasing an additional 123,697 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of American Tower by 11.1% in the fourth quarter. Geode Capital Management LLC now owns 5,244,004 shares of the real estate investment trust’s stock valued at $827,966,000 after purchasing an additional 525,601 shares in the last quarter. Institutional investors own 93.68% of the company’s stock.

AMT has been the subject of a number of recent research reports. SunTrust Banks upped their target price on American Tower to $230.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. KeyCorp upped their target price on American Tower from $207.00 to $225.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. They noted that the move was a valuation call. Morgan Stanley upped their target price on American Tower from $185.00 to $201.00 and gave the company an “equal weight” rating in a research note on Monday, May 20th. Wells Fargo & Co lowered American Tower from an “outperform” rating to a “market perform” rating and upped their target price for the company from $190.00 to $196.00 in a research note on Monday, April 15th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. upped their target price on American Tower from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $195.60.

In related news, CEO James D. Taiclet, Jr. sold 57,439 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $207.93, for a total value of $11,943,291.27. Following the transaction, the chief executive officer now owns 255,415 shares in the company, valued at $53,108,440.95. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Robert Joseph Meyer, Jr. sold 44,168 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $198.33, for a total value of $8,759,839.44. Following the completion of the transaction, the senior vice president now owns 54,460 shares in the company, valued at approximately $10,801,051.80. The disclosure for this sale can be found here. Insiders have sold 235,288 shares of company stock worth $48,364,658 in the last 90 days. Company insiders own 0.75% of the company’s stock.

Shares of AMT stock traded down $0.50 during trading hours on Tuesday, hitting $221.72. 1,402,185 shares of the company’s stock were exchanged, compared to its average volume of 1,668,266. The company has a 50-day moving average price of $210.23. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 4.13. The firm has a market cap of $98.38 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 1.80 and a beta of 0.50. American Tower Corp has a 52 week low of $140.40 and a 52 week high of $224.71.

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

American Tower 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 approximately 171,000 communications sites.

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

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