American Tower Co. (NYSE:AMT) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in American Tower Co. (NYSE:AMT) by 13.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 877,777 shares of the real estate investment trust’s stock after selling 135,043 shares during the period. The Manufacturers Life Insurance Company’s holdings in American Tower were worth $170,622,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. MBB Public Markets I LLC increased its stake in shares of American Tower by 1,984.8% in the 2nd quarter. MBB Public Markets I LLC now owns 32,898 shares of the real estate investment trust’s stock valued at $6,395,000 after purchasing an additional 31,320 shares in the last quarter. Delta Investment Management LLC lifted its position in shares of American Tower by 7.3% during the 2nd quarter. Delta Investment Management LLC now owns 1,303 shares of the real estate investment trust’s stock valued at $253,000 after buying an additional 89 shares in the last quarter. Drucker Wealth 3.0 LLC acquired a new stake in American Tower in the 2nd quarter valued at $2,417,000. Ameriprise Financial Inc. raised its position in American Tower by 41.8% during the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock worth $1,243,333,000 after acquiring an additional 1,885,421 shares during the period. Finally, AXA S.A. lifted its holdings in American Tower by 5.2% during the second quarter. AXA S.A. now owns 523,922 shares of the real estate investment trust’s stock valued at $101,840,000 after purchasing an additional 26,007 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In other 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 value of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 over the last 90 days. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AMT has been the subject of several research analyst reports. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. increased their price objective on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Mizuho raised their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Finally, BMO Capital Markets upped their target price on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, September 13th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $234.00.

American Tower Stock Performance

NYSE:AMT opened at $230.32 on Friday. The company’s 50-day moving average is $226.93 and its two-hundred day moving average is $203.41. The firm has a market capitalization of $107.55 billion, a price-to-earnings ratio of 52.11, a PEG ratio of 1.08 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. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the company posted $2.46 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. Analysts forecast that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be given a $1.62 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.81%. American Tower’s payout ratio is currently 146.61%.

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.