MGO One Seven LLC Boosts Position in American Tower Co. (NYSE:AMT)

MGO One Seven LLC grew its stake in American Tower Co. (NYSE:AMT) by 230.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,628 shares of the real estate investment trust’s stock after acquiring an additional 10,904 shares during the quarter. MGO One Seven LLC’s holdings in American Tower were worth $3,038,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Headlands Technologies LLC purchased a new stake in shares of American Tower in the second quarter valued at $144,000. Malaga Cove Capital LLC lifted its position in shares of American Tower by 25.0% in the second quarter. Malaga Cove Capital LLC now owns 4,239 shares of the real estate investment trust’s stock valued at $824,000 after acquiring an additional 849 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in shares of American Tower in the second quarter valued at $164,000. LGT Fund Management Co Ltd. lifted its position in shares of American Tower by 1,747.1% in the second quarter. LGT Fund Management Co Ltd. now owns 60,214 shares of the real estate investment trust’s stock valued at $11,704,000 after acquiring an additional 56,954 shares in the last quarter. Finally, Davis Selected Advisers lifted its position in shares of American Tower by 14.1% in the second quarter. Davis Selected Advisers now owns 76,070 shares of the real estate investment trust’s stock valued at $14,786,000 after acquiring an additional 9,390 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the 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 completion of the sale, the chief accounting officer now 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. Over the last quarter, insiders sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is currently owned by corporate insiders.

American Tower Stock Performance

Shares of NYSE:AMT opened at $238.97 on Thursday. The firm has a market capitalization of $111.62 billion, a PE ratio of 54.07, a P/E/G ratio of 1.57 and a beta of 0.83. 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 has a 50-day moving average of $219.34 and a two-hundred day moving average of $200.47. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $243.56.

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on AMT. TD Cowen upped their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their target price on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $246.00 target price (up from $225.00) on shares of American Tower in a research report on Wednesday, July 31st. Two investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $231.14.

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.