Brighton Jones LLC Sells 168 Shares of American Tower Co. (NYSE:AMT)

Brighton Jones LLC reduced its holdings in American Tower Co. (NYSE:AMT) by 4.1% during the second quarter, Holdings Channel.com reports. The institutional investor owned 3,918 shares of the real estate investment trust’s stock after selling 168 shares during the quarter. Brighton Jones LLC’s holdings in American Tower were worth $762,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Intech Investment Management LLC increased its position in American Tower by 725.8% during the 2nd quarter. Intech Investment Management LLC now owns 45,583 shares of the real estate investment trust’s stock valued at $8,860,000 after purchasing an additional 40,063 shares during the period. ProVise Management Group LLC increased its position in shares of American Tower by 48.2% during the second quarter. ProVise Management Group LLC now owns 15,221 shares of the real estate investment trust’s stock valued at $2,959,000 after buying an additional 4,953 shares during the period. Riverview Capital Advisers LLC raised its stake in American Tower by 0.7% in the second quarter. Riverview Capital Advisers LLC now owns 21,605 shares of the real estate investment trust’s stock worth $4,200,000 after buying an additional 141 shares in the last quarter. Foresight Group Ltd Liability Partnership lifted its holdings in American Tower by 1.1% in the second quarter. Foresight Group Ltd Liability Partnership now owns 178,902 shares of the real estate investment trust’s stock worth $34,775,000 after buying an additional 1,957 shares during the period. Finally, Sienna Gestion bought a new stake in American Tower during the 2nd quarter valued at approximately $424,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other American Tower 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 transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction dated 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 owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,723 shares of company stock valued at $7,795,397. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

AMT stock opened at $235.06 on Friday. The stock has a market capitalization of $109.77 billion, a PE ratio of 53.18, a price-to-earnings-growth ratio of 1.60 and a beta of 0.83. The stock’s 50 day simple moving average is $224.57 and its 200 day simple moving average is $202.42. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $243.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last released its quarterly earnings data 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 business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $2.46 earnings per share. As a group, research analysts forecast that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio is currently 146.61%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Mizuho increased their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Wells Fargo & Company raised their price objective on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Royal Bank of Canada upped their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Barclays lowered 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. Finally, BMO Capital Markets raised their target price on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, September 13th. Two 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 stock. According to data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and an average target price of $233.29.

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.