AGF Management Ltd. Has $21.83 Million Stock Position in American Tower Co. (NYSE:AMT)

AGF Management Ltd. grew its holdings in shares of American Tower Co. (NYSE:AMT) by 3.5% in the second quarter, Holdings Channel reports. The institutional investor owned 112,323 shares of the real estate investment trust’s stock after acquiring an additional 3,771 shares during the period. AGF Management Ltd.’s holdings in American Tower were worth $21,833,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Meyer Handelman Co. acquired a new position in shares of American Tower during the first quarter valued at about $801,000. TD Asset Management Inc lifted its position in shares of American Tower by 23.2% during the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after purchasing an additional 51,882 shares in the last quarter. Kingsview Wealth Management LLC lifted its position in shares of American Tower by 13.8% during the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after purchasing an additional 4,660 shares in the last quarter. Berkeley Capital Partners LLC lifted its position in shares of American Tower by 3.5% during the fourth quarter. Berkeley Capital Partners LLC now owns 3,895 shares of the real estate investment trust’s stock valued at $841,000 after purchasing an additional 130 shares in the last quarter. Finally, Tidal Investments LLC lifted its position in shares of American Tower by 27.7% during the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after purchasing an additional 4,430 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AMT. 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 on the stock. BMO Capital Markets reissued an “outperform” rating and set a $246.00 price target (up from $225.00) on shares of American Tower in a research report on Wednesday, July 31st. Wells Fargo & Company raised their price target on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Barclays lowered their price objective on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Finally, TD Cowen lifted their price objective on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Two 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $231.14.

Insider Activity

In related news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were 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 $14,223,890. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last quarter. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $238.97 on Thursday. The company’s 50 day moving average is $219.34 and its 200-day moving average is $200.47. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $243.56. 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 firm has a market cap of $111.62 billion, a P/E ratio of 54.07, a price-to-earnings-growth ratio of 1.57 and a beta of 0.83.

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

About American Tower

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.