Legacy Capital Wealth Partners LLC Invests $327,000 in American Tower Co. (NYSE:AMT)

Legacy Capital Wealth Partners LLC acquired a new position in shares of American Tower Co. (NYSE:AMT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,680 shares of the real estate investment trust’s stock, valued at approximately $327,000.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in American Tower in the 4th quarter valued at $1,051,898,000. Wellington Management Group LLP grew its position in American Tower by 21.9% in the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock valued at $3,416,004,000 after purchasing an additional 2,839,570 shares during the period. Principal Financial Group Inc. grew its position in American Tower by 36.2% in the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after purchasing an additional 2,336,501 shares during the period. Edgewood Management LLC grew its position in American Tower by 46.2% in the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock valued at $1,076,352,000 after purchasing an additional 1,576,683 shares during the period. Finally, Vanguard Group Inc. grew its position in American Tower by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after purchasing an additional 965,938 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 0.9 %

NYSE AMT opened at $232.55 on Thursday. The stock has a market capitalization of $108.62 billion, a price-to-earnings ratio of 52.61, a PEG ratio of 1.51 and a beta of 0.83. American Tower Co. has a one year low of $154.58 and a one year high of $236.13. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The business’s fifty day moving average is $214.95 and its 200-day moving average is $198.74.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) 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 the consensus estimate of $2.82 billion. During the same quarter in the prior year, the firm posted $2.46 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. Equities research analysts predict that American Tower Co. will post 10.05 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on AMT shares. Barclays reduced their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. BMO Capital Markets restated an “outperform” rating and set a $246.00 price objective (up from $225.00) on shares of American Tower in a research note on Wednesday, July 31st. The Goldman Sachs Group initiated coverage on American Tower in a research note on Monday, July 1st. They set a “buy” rating and a $230.00 price objective on the stock. Royal Bank of Canada raised their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $231.14.

Insider Activity at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,723 shares of company stock worth $7,795,397. Company insiders own 0.18% of the company’s stock.

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.