Impax Asset Management Group plc decreased its position in shares of American Tower Corporation (NYSE:AMT – Free Report) by 71.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,623 shares of the real estate investment trust’s stock after selling 54,603 shares during the quarter. Impax Asset Management Group plc’s holdings in American Tower were worth $3,537,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of AMT. Brighton Jones LLC lifted its holdings in American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after buying an additional 2,104 shares during the period. Sivia Capital Partners LLC grew its stake in shares of American Tower by 34.3% during the second quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust’s stock worth $319,000 after purchasing an additional 368 shares during the period. United Bank increased its holdings in American Tower by 12.7% in the second quarter. United Bank now owns 6,488 shares of the real estate investment trust’s stock valued at $1,434,000 after purchasing an additional 733 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in American Tower by 2.2% in the second quarter. Treasurer of the State of North Carolina now owns 218,511 shares of the real estate investment trust’s stock valued at $48,295,000 after purchasing an additional 4,778 shares during the last quarter. Finally, Ieq Capital LLC lifted its stake in American Tower by 52.2% in the second quarter. Ieq Capital LLC now owns 34,248 shares of the real estate investment trust’s stock valued at $7,570,000 after buying an additional 11,751 shares during the period. Institutional investors own 92.69% of the company’s stock.
American Tower Stock Up 0.9%
NYSE:AMT opened at $175.99 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12. The stock’s 50 day moving average price is $171.48 and its two-hundred day moving average price is $177.77. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $214.79. The firm has a market capitalization of $82.00 billion, a price-to-earnings ratio of 24.21, a price-to-earnings-growth ratio of 2.77 and a beta of 0.90.
Insider Buying and Selling
In other news, CFO Robert Joseph Meyer sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at $3,833,254.92. This trade represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the transaction, the executive vice president directly owned 27,711 shares of the company’s stock, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 6,791 shares of company stock valued at $1,204,091. Insiders own 0.08% of the company’s stock.
Analyst Upgrades and Downgrades
AMT has been the subject of several analyst reports. Wolfe Research upgraded American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 target price for the company in a research report on Wednesday, July 8th. BMO Capital Markets increased their price target on shares of American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Scotiabank reissued an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. Raymond James Financial restated a “strong-buy” rating and set a $240.00 price objective on shares of American Tower in a report on Wednesday, April 29th. Finally, Royal Bank Of Canada raised shares of American Tower from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $195.00 to $205.00 in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $215.29.
Get Our Latest Stock Report on AMT
About American Tower
American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.
Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.
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