Swedbank AB Sells 28,646 Shares of American Tower Co. (NYSE:AMT)

Swedbank AB trimmed its position in shares of American Tower Co. (NYSE:AMT) by 4.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 598,214 shares of the real estate investment trust’s stock after selling 28,646 shares during the quarter. Swedbank AB owned 0.13% of American Tower worth $116,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower in the 1st quarter worth $25,000. Gold Investment Management Ltd. purchased a new position in shares of American Tower during the 4th quarter valued at about $28,000. Private Wealth Management Group LLC purchased a new stake in American Tower in the 4th quarter worth approximately $31,000. SOA Wealth Advisors LLC. bought a new stake in American Tower during the 1st quarter worth approximately $30,000. Finally, Rational Advisors LLC purchased a new position in American Tower during the first quarter valued at approximately $35,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the sale, the executive vice president now owns 28,413 shares in the company, valued at $5,692,828.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, 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 completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. Insiders have sold 37,227 shares of company stock worth $8,497,458 in the last three months. Corporate insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on AMT. JPMorgan Chase & Co. raised their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Scotiabank increased their target price on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Barclays lowered their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada lifted their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday. 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 company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $231.14.

American Tower Trading Up 0.8 %

NYSE AMT traded up $1.85 during trading on Friday, hitting $219.91. The stock had a trading volume of 1,986,247 shares, compared to its average volume of 2,370,238. American Tower Co. has a one year low of $154.58 and a one year high of $236.13. The stock has a 50 day simple moving average of $206.57 and a 200 day simple moving average of $195.64. The stock has a market capitalization of $102.72 billion, a price-to-earnings ratio of 49.74, a P/E/G ratio of 1.50 and a beta of 0.81. 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 posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the firm earned $2.46 EPS. American Tower’s revenue was up 4.7% compared to the same quarter last year. Sell-side analysts predict that American Tower Co. will post 10.04 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were issued a dividend of $1.62 per share. The ex-dividend date was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a yield of 2.95%. American Tower’s payout ratio is 146.61%.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.