American Tower Co. (NYSE:AMT) Stock Position Cut by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its stake in shares of American Tower Co. (NYSE:AMT) by 0.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 432,710 shares of the real estate investment trust’s stock after selling 2,130 shares during the period. American Tower comprises approximately 1.6% of Maryland State Retirement & Pension System’s holdings, making the stock its 7th largest position. Maryland State Retirement & Pension System’s holdings in American Tower were worth $84,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMT. Navalign LLC boosted its holdings in shares of American Tower by 6.2% in the second quarter. Navalign LLC now owns 4,498 shares of the real estate investment trust’s stock worth $874,000 after buying an additional 263 shares during the last quarter. Hantz Financial Services Inc. purchased a new position in shares of American Tower during the 2nd quarter worth $5,829,000. Kings Path Partners LLC bought a new stake in shares of American Tower during the 2nd quarter valued at $50,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in American Tower by 3.3% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,398 shares of the real estate investment trust’s stock valued at $10,574,000 after purchasing an additional 1,749 shares in the last quarter. Finally, Atlas Capital Advisors LLC grew its holdings in American Tower by 116.7% during the second quarter. Atlas Capital Advisors LLC now owns 1,300 shares of the real estate investment trust’s stock valued at $253,000 after purchasing an additional 700 shares during the period. 92.69% of the stock is owned by institutional investors.

American Tower Price Performance

NYSE AMT traded up $0.54 during trading on Friday, hitting $224.06. 1,796,764 shares of the stock traded hands, compared to its average volume of 2,323,528. The company has a market capitalization of $104.63 billion, a P/E ratio of 50.67, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $236.13. The firm has a 50-day simple moving average of $212.27 and a 200-day simple moving average of $197.59. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share 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 analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the business posted $2.46 earnings per share. As a group, analysts predict that American Tower Co. will post 10.04 EPS for the current year.

Insider Activity

In other news, EVP Sanjay Goel sold 3,504 shares of the firm’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 directly owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,227 shares of company stock worth $8,497,458. 0.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wells Fargo & Company raised their price objective on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Barclays decreased their target price on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. TD Cowen upped their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, The Goldman Sachs Group began coverage on shares of American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 target price for the company. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $231.14.

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.