Independence Bank of Kentucky Buys 479 Shares of American Tower Co. (NYSE:AMT)

Independence Bank of Kentucky lifted its holdings in American Tower Co. (NYSE:AMT) by 74.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,120 shares of the real estate investment trust’s stock after acquiring an additional 479 shares during the period. Independence Bank of Kentucky’s holdings in American Tower were worth $217,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP grew its stake in shares of American Tower by 1.6% in the 1st quarter. Wellington Management Group LLP now owns 13,452,478 shares of the real estate investment trust’s stock valued at $2,748,879,000 after buying an additional 213,815 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in American Tower by 101,474.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock valued at $2,219,094,000 after purchasing an additional 10,464,030 shares during the last quarter. Geode Capital Management LLC boosted its stake in American Tower by 1.4% during the 1st quarter. Geode Capital Management LLC now owns 9,733,814 shares of the real estate investment trust’s stock valued at $1,985,706,000 after purchasing an additional 131,933 shares during the last quarter. Deutsche Bank AG boosted its stake in American Tower by 4.0% during the 1st quarter. Deutsche Bank AG now owns 7,325,350 shares of the real estate investment trust’s stock valued at $1,496,862,000 after purchasing an additional 284,470 shares during the last quarter. Finally, Morgan Stanley boosted its stake in American Tower by 15.4% during the 4th quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock valued at $1,532,063,000 after purchasing an additional 962,800 shares during the last quarter. 89.29% of the stock is owned by institutional investors.

American Tower Stock Down 0.6 %

AMT opened at $180.06 on Friday. The company has a fifty day moving average price of $184.67 and a 200-day moving average price of $192.06. The firm has a market capitalization of $83.94 billion, a P/E ratio of 86.99, a price-to-earnings-growth ratio of 1.36 and a beta of 0.58. The company has a debt-to-equity ratio of 2.96, a current ratio of 0.73 and a quick ratio of 0.73. American Tower Co. has a one year low of $172.55 and a one year high of $247.78.

Analysts Set New Price Targets

AMT has been the topic of a number of research analyst reports. Wells Fargo & Company cut their target price on American Tower from $245.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 18th. StockNews.com initiated coverage on American Tower in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Morgan Stanley cut their target price on American Tower from $213.00 to $212.00 and set an “equal weight” rating on the stock in a research note on Thursday. BMO Capital Markets initiated coverage on American Tower in a research note on Thursday, July 13th. They issued an “outperform” rating and a $230.00 target price on the stock. Finally, Royal Bank of Canada cut their target price on American Tower from $233.00 to $230.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 1st. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $240.29.

Insider Activity

In other news, CFO Rodney M. Smith sold 10,000 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $178.14, for a total transaction of $1,781,400.00. Following the completion of the transaction, the chief financial officer now directly owns 50,662 shares in the company, valued at approximately $9,024,928.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Rodney M. Smith sold 10,000 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $178.14, for a total value of $1,781,400.00. Following the completion of the transaction, the chief financial officer now directly owns 50,662 shares in the company, valued at $9,024,928.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rodney M. Smith sold 2,727 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $187.17, for a total transaction of $510,412.59. Following the completion of the transaction, the chief financial officer now owns 50,662 shares of the company’s stock, valued at $9,482,406.54. The disclosure for this sale can be found here. Insiders sold 16,251 shares of company stock worth $2,957,531 in the last three months. Corporate insiders own 0.24% of the company’s stock.

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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.