Easterly Investment Partners LLC Lowers Holdings in American Tower Co. (NYSE:AMT)

Easterly Investment Partners LLC reduced its position in shares of American Tower Co. (NYSE:AMT) by 0.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,820 shares of the real estate investment trust’s stock after selling 101 shares during the period. Easterly Investment Partners LLC’s holdings in American Tower were worth $5,991,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the first quarter valued at $25,000. Gold Investment Management Ltd. acquired a new stake in American Tower in the fourth quarter valued at $28,000. Cultivar Capital Inc. acquired a new stake in American Tower in the second quarter valued at $25,000. Private Wealth Management Group LLC acquired a new stake in American Tower in the fourth quarter valued at $31,000. Finally, Hobbs Group Advisors LLC acquired a new stake in American Tower in the second quarter valued at $29,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on AMT shares. JPMorgan Chase & Co. raised their price target on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company raised their price target on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group started coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 target price on the stock. Finally, Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.14.

Insider Activity at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,227 shares of company stock valued at $8,497,458. 0.18% of the stock is owned by insiders.

American Tower Stock Performance

Shares of NYSE AMT traded up $6.90 during mid-day trading on Friday, reaching $227.00. 1,803,979 shares of the company were exchanged, compared to its average volume of 2,597,717. The company’s 50-day simple moving average is $209.70 and its 200-day simple moving average is $196.77. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The stock has a market capitalization of $106.03 billion, a P/E ratio of 51.36, a P/E/G ratio of 1.48 and a beta of 0.81. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $236.13.

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). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the prior year, the business posted $2.46 EPS. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts predict that American Tower Co. will post 10.04 earnings per share for the current year.

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