Vest Financial LLC Sells 177 Shares of American Tower Co. (NYSE:AMT)

Vest Financial LLC lessened its position in American Tower Co. (NYSE:AMT) by 3.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,703 shares of the real estate investment trust’s stock after selling 177 shares during the quarter. Vest Financial LLC’s holdings in American Tower were worth $914,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in AMT. Norges Bank acquired a new position in shares of American Tower during the fourth quarter valued at about $1,051,898,000. Wellington Management Group LLP raised its position in shares of American Tower by 21.9% during the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock valued at $3,416,004,000 after buying an additional 2,839,570 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of American Tower by 36.2% during the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after buying an additional 2,336,501 shares during the last quarter. Edgewood Management LLC raised its position in shares of American Tower by 46.2% during the fourth quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock valued at $1,076,352,000 after buying an additional 1,576,683 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of American Tower by 1.6% during the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after buying an additional 965,938 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

AMT opened at $237.14 on Friday. American Tower Co. has a one year low of $154.58 and a one year high of $243.56. 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’s 50 day simple moving average is $220.19 and its 200-day simple moving average is $200.73. The stock has a market capitalization of $110.76 billion, a P/E ratio of 53.65, a price-to-earnings-growth ratio of 1.59 and a beta of 0.83.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the company earned $2.46 earnings per share. American Tower’s revenue for the quarter was up 4.7% compared to the same quarter last year. Sell-side analysts anticipate that American Tower Co. will post 10.18 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 2.73%. American Tower’s dividend payout ratio is currently 146.61%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their price target on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group assumed coverage on shares of American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target for the company. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $246.00 price target (up previously from $225.00) on shares of American Tower in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $232.29.

Insider Activity at American Tower

In related news, 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 transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock worth $7,795,397 over the last ninety days. Company insiders own 0.18% of the company’s stock.

About American Tower

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.