Duff & Phelps Investment Management Co. Sells 6,269 Shares of American Tower Co. (NYSE:AMT)

Duff & Phelps Investment Management Co. lowered its stake in shares of American Tower Co. (NYSE:AMT) by 0.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 986,237 shares of the real estate investment trust’s stock after selling 6,269 shares during the period. American Tower makes up 2.4% of Duff & Phelps Investment Management Co.’s portfolio, making the stock its 4th biggest position. Duff & Phelps Investment Management Co. owned approximately 0.21% of American Tower worth $191,705,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Ascent Group LLC lifted its holdings in shares of American Tower by 9.0% during the 2nd quarter. Ascent Group LLC now owns 10,127 shares of the real estate investment trust’s stock valued at $1,968,000 after purchasing an additional 840 shares in the last quarter. Alethea Capital Management LLC bought a new stake in shares of American Tower in the second quarter worth $431,000. Scientech Research LLC boosted its holdings in American Tower by 50.1% during the second quarter. Scientech Research LLC now owns 3,832 shares of the real estate investment trust’s stock worth $745,000 after purchasing an additional 1,279 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new stake in American Tower in the 2nd quarter valued at $13,607,000. Finally, Mackenzie Financial Corp lifted its position in American Tower by 23.6% during the 2nd quarter. Mackenzie Financial Corp now owns 655,113 shares of the real estate investment trust’s stock worth $127,341,000 after buying an additional 125,104 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AMT shares. 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 report on Wednesday, August 14th. Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. TD Cowen raised their target price on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group initiated 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. Finally, Scotiabank boosted their price objective on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $234.00.

American Tower Stock Performance

NYSE AMT opened at $230.32 on Friday. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $243.56. The stock has a market cap of $107.55 billion, a PE ratio of 52.11, a P/E/G ratio of 1.08 and a beta of 0.83. The firm has a 50-day moving average of $226.93 and a 200-day moving average of $203.41. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81.

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 (EPS) 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 company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the business earned $2.46 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts anticipate that American Tower Co. will post 10.13 EPS for the current year.

American Tower Announces Dividend

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

Insiders Place Their Bets

In related news, EVP Olivier Puech sold 10,005 shares of the company’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 transaction, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other American Tower news, EVP Olivier Puech sold 10,005 shares of American Tower 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 completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, 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 worth $7,795,397 in the last 90 days. Company insiders own 0.18% of the company’s stock.

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.