J.W. Cole Advisors Inc. cut its stake in American Tower Co. (NYSE:AMT – Get Rating) by 15.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,609 shares of the real estate investment trust’s stock after selling 493 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in American Tower were worth $656,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Pinnacle Holdings LLC bought a new position in American Tower in the 1st quarter worth $29,000. Covestor Ltd bought a new position in American Tower in the 4th quarter worth $36,000. IAG Wealth Partners LLC raised its holdings in American Tower by 84.5% in the 4th quarter. IAG Wealth Partners LLC now owns 131 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 60 shares in the last quarter. Vectors Research Management LLC raised its holdings in American Tower by 134.5% in the 4th quarter. Vectors Research Management LLC now owns 136 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 78 shares in the last quarter. Finally, Rational Advisors LLC raised its holdings in American Tower by 70.2% in the 1st quarter. Rational Advisors LLC now owns 143 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 59 shares in the last quarter. 91.03% of the stock is currently owned by institutional investors.
In other news, Director Robert D. Hormats sold 150 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $254.53, for a total value of $38,179.50. Following the transaction, the director now owns 6,571 shares in the company, valued at approximately $1,672,516.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.24% of the company’s stock.
American Tower Stock Performance
American Tower (NYSE:AMT – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.99. The firm had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.64 billion. American Tower had a net margin of 27.23% and a return on equity of 28.93%. The business’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.42 EPS. As a group, analysts anticipate that American Tower Co. will post 9.47 EPS for the current year.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of American Tower in a research report on Wednesday, June 22nd. They issued an “outperform” rating and a $313.00 target price on the stock. KeyCorp upped their target price on shares of American Tower from $283.00 to $300.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 2nd. Royal Bank of Canada upped their target price on shares of American Tower from $282.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, August 4th. Barclays upped their target price on shares of American Tower from $284.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, August 26th. Finally, Bank of America began coverage on shares of American Tower in a research report on Sunday, June 5th. They issued a “buy” rating and a $315.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $291.29.
About American Tower
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
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