Patton Albertson Miller Group LLC Decreases Stake in American Tower Corp (NYSE:AMT)

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Patton Albertson Miller Group LLC lowered its holdings in American Tower Corp (NYSE:AMT) by 8.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,153 shares of the real estate investment trust’s stock after selling 202 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in American Tower were worth $557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the company. Fisher Asset Management LLC purchased a new stake in American Tower during the second quarter valued at $455,454,000. Jennison Associates LLC increased its position in American Tower by 109.5% during the first quarter. Jennison Associates LLC now owns 3,255,974 shares of the real estate investment trust’s stock valued at $708,988,000 after acquiring an additional 1,701,953 shares during the last quarter. Cohen & Steers Inc. increased its position in American Tower by 10.6% during the first quarter. Cohen & Steers Inc. now owns 9,985,028 shares of the real estate investment trust’s stock valued at $2,174,240,000 after acquiring an additional 953,901 shares during the last quarter. Principal Financial Group Inc. increased its position in American Tower by 36.3% during the first quarter. Principal Financial Group Inc. now owns 3,461,258 shares of the real estate investment trust’s stock valued at $753,686,000 after acquiring an additional 921,155 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its position in American Tower by 10.2% during the first quarter. Nuveen Asset Management LLC now owns 4,617,751 shares of the real estate investment trust’s stock valued at $1,005,516,000 after acquiring an additional 426,382 shares during the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

A number of analysts recently commented on AMT shares. Barclays initiated coverage on American Tower in a research report on Wednesday, July 15th. They set an “overweight” rating and a $296.00 price objective for the company. Wells Fargo & Co upped their price target on American Tower from $272.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Oppenheimer initiated coverage on American Tower in a research report on Tuesday, August 11th. They issued a “buy” rating and a $290.00 price target for the company. Morgan Stanley upped their price target on American Tower from $245.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Finally, KeyCorp cut American Tower from an “overweight” rating to a “sector weight” rating in a research report on Monday, July 13th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $273.08.

In related news, EVP Olivier Puech sold 415 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $266.70, for a total transaction of $110,680.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David E. Sharbutt sold 900 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $258.92, for a total value of $233,028.00. Following the transaction, the director now directly owns 1,736 shares of the company’s stock, valued at $449,485.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,115 shares of company stock valued at $2,130,071. 0.65% of the stock is owned by corporate insiders.

Shares of NYSE AMT traded up $2.19 during mid-day trading on Thursday, reaching $247.42. The company’s stock had a trading volume of 48,150 shares, compared to its average volume of 1,427,590. The firm has a market capitalization of $112.02 billion, a PE ratio of 58.60, a P/E/G ratio of 2.20 and a beta of 0.44. The company has a debt-to-equity ratio of 6.88, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a fifty day moving average of $258.83 and a two-hundred day moving average of $245.95. American Tower Corp has a 52 week low of $174.32 and a 52 week high of $272.20.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.99). American Tower had a net margin of 24.70% and a return on equity of 39.62%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same period in the previous year, the company posted $2.01 earnings per share. American Tower’s quarterly revenue was up 1.2% on a year-over-year basis. Analysts anticipate that American Tower Corp will post 7.98 EPS for the current fiscal year.

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 approximately 171,000 communications sites.

Further Reading: Market Timing

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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