AMG National Trust Bank Sells 181 Shares of American Tower Co. (NYSE:AMT)

AMG National Trust Bank lowered its position in shares of American Tower Co. (NYSE:AMT) by 2.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,774 shares of the real estate investment trust’s stock after selling 181 shares during the period. AMG National Trust Bank’s holdings in American Tower were worth $1,317,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Anchor Capital Advisors LLC grew its stake in shares of American Tower by 38.1% in the 4th quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after acquiring an additional 21,139 shares in the last quarter. Meyer Handelman Co. bought a new position in shares of American Tower in the 1st quarter worth approximately $801,000. TD Asset Management Inc increased its position in American Tower by 23.2% during the 4th quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after buying an additional 51,882 shares in the last quarter. Kingsview Wealth Management LLC increased its position in shares of American Tower by 13.8% during the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after acquiring an additional 4,660 shares in the last quarter. Finally, Berkeley Capital Partners LLC lifted its position in American Tower by 3.5% during the fourth quarter. Berkeley Capital Partners LLC now owns 3,895 shares of the real estate investment trust’s stock valued at $841,000 after purchasing an additional 130 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

Shares of AMT traded up $6.90 on Friday, hitting $227.00. The company’s stock had a trading volume of 1,803,979 shares, compared to its average volume of 2,351,486. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $236.13. The company has a market capitalization of $106.00 billion, a PE ratio of 51.36, a PEG ratio of 1.48 and a beta of 0.81. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50 day moving average price of $209.70 and a 200 day moving average price of $196.75.

American Tower (NYSE:AMT) last posted its earnings results 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). The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.46 earnings per share. On average, research analysts anticipate that American Tower Co. will post 10.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. TD Cowen lifted their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. BMO Capital Markets reissued an “outperform” rating and set a $246.00 target price (up previously from $225.00) on shares of American Tower in a report on Wednesday, July 31st. Finally, Scotiabank upped their price objective on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus target price of $231.14.

Insider Buying and Selling at American Tower

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 approximately $5,692,828.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Insiders sold a total of 37,227 shares of company stock worth $8,497,458 over the last three months. Corporate insiders own 0.18% of the company’s stock.

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.