American Tower Co. (NYSE:AMT) Shares Sold by Mechanics Bank Trust Department

Mechanics Bank Trust Department cut its stake in shares of American Tower Co. (NYSE:AMT) by 6.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,050 shares of the real estate investment trust’s stock after selling 740 shares during the period. Mechanics Bank Trust Department’s holdings in American Tower were worth $2,143,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in AMT. J.Safra Asset Management Corp grew its stake in shares of American Tower by 629.4% during the 4th quarter. J.Safra Asset Management Corp now owns 124 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 107 shares during the period. Pinnacle Holdings LLC purchased a new stake in shares of American Tower during the 1st quarter valued at $29,000. Eagle Bay Advisors LLC purchased a new stake in American Tower during the 2nd quarter worth $30,000. Sittner & Nelson LLC boosted its position in American Tower by 151.7% during the 1st quarter. Sittner & Nelson LLC now owns 151 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 91 shares during the period. Finally, Tucker Asset Management LLC purchased a new stake in American Tower during the 1st quarter worth $31,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Rodney M. Smith sold 3,524 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $188.91, for a total transaction of $665,718.84. Following the sale, the chief financial officer now owns 53,389 shares in the company, valued at $10,085,715.99. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Rodney M. Smith sold 3,524 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $188.91, for a total transaction of $665,718.84. Following the sale, the chief financial officer now owns 53,389 shares in the company, valued at $10,085,715.99. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rodney M. Smith sold 10,000 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $178.14, for a total transaction of $1,781,400.00. Following the sale, the chief financial officer now owns 50,662 shares in the company, valued at approximately $9,024,928.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,251 shares of company stock worth $2,957,531. 0.24% of the stock is currently owned by corporate insiders.

American Tower Stock Performance

Shares of American Tower stock opened at $180.14 on Friday. The firm has a market cap of $83.97 billion, a PE ratio of 87.02, a price-to-earnings-growth ratio of 1.36 and a beta of 0.58. The firm’s 50-day simple moving average is $184.36 and its 200-day simple moving average is $191.91. The company has a debt-to-equity ratio of 2.96, a quick ratio of 0.73 and a current ratio of 0.73. American Tower Co. has a 1 year low of $172.55 and a 1 year high of $247.78.

Analyst Ratings Changes

A number of brokerages recently weighed in on AMT. Raymond James decreased their price target on shares of American Tower from $211.00 to $205.00 and set an “outperform” rating for the company in a research report on Tuesday, August 22nd. Wells Fargo & Company decreased their price target on shares of American Tower from $245.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, July 18th. BMO Capital Markets began coverage on shares of American Tower in a research report on Thursday, July 13th. They set an “outperform” rating and a $230.00 price target for the company. StockNews.com began coverage on shares of American Tower in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Royal Bank of Canada decreased their price objective on shares of American Tower from $233.00 to $230.00 and set an “outperform” rating for the company in a research report on Tuesday, August 1st. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $240.29.

American Tower 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.