Westpac Banking Corp cut its holdings in American Tower Corp (NYSE:AMT) by 6.4% during the 2nd quarter, Holdings Channel reports. The firm owned 226,842 shares of the real estate investment trust’s stock after selling 15,394 shares during the period. American Tower makes up approximately 0.7% of Westpac Banking Corp’s investment portfolio, making the stock its 19th biggest position. Westpac Banking Corp’s holdings in American Tower were worth $46,378,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cable Hill Partners LLC boosted its stake in shares of American Tower by 61.9% during the first quarter. Cable Hill Partners LLC now owns 136 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 52 shares in the last quarter. Nelson Roberts Investment Advisors LLC bought a new stake in shares of American Tower during the second quarter worth $27,000. Spectrum Management Group Inc. bought a new stake in shares of American Tower during the first quarter worth $29,000. CX Institutional grew its holdings in shares of American Tower by 54.9% during the second quarter. CX Institutional now owns 158 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 56 shares during the last quarter. Finally, Litman Gregory Asset Management LLC bought a new stake in shares of American Tower during the second quarter worth $33,000. 93.68% of the stock is currently owned by institutional investors.

Shares of NYSE AMT traded down $0.50 during mid-day trading on Tuesday, reaching $221.72. 1,402,185 shares of the company’s stock were exchanged, compared to its average volume of 1,668,266. The firm’s fifty day moving average is $210.23. American Tower Corp has a twelve month low of $140.40 and a twelve month high of $224.71. The stock has a market capitalization of $98.38 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 1.80 and a beta of 0.50. The company has a debt-to-equity ratio of 4.13, a current ratio of 0.49 and a quick ratio of 0.49.

American Tower (NYSE:AMT) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.87 by ($0.91). American Tower had a net margin of 19.30% and a return on equity of 24.75%. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the prior year, the business posted $1.74 EPS. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, research analysts predict that American Tower Corp will post 7.66 EPS for the current year.

AMT has been the topic of several research analyst reports. SunTrust Banks increased their target price on American Tower to $230.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Royal Bank of Canada increased their target price on American Tower from $195.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, May 9th. Wells Fargo & Co lowered American Tower from an “outperform” rating to a “market perform” rating and increased their target price for the company from $190.00 to $196.00 in a research note on Monday, April 15th. They noted that the move was a valuation call. UBS Group lowered American Tower from a “buy” rating to a “neutral” rating and increased their target price for the company from $195.00 to $222.00 in a research note on Friday, June 7th. Finally, Morgan Stanley increased their target price on American Tower from $185.00 to $201.00 and gave the company an “equal weight” rating in a research note on Monday, May 20th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $195.60.

In other American Tower news, SVP Robert Joseph Meyer, Jr. sold 44,168 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $198.33, for a total value of $8,759,839.44. Following the completion of the transaction, the senior vice president now directly owns 54,460 shares in the company, valued at $10,801,051.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David E. Sharbutt sold 2,039 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $217.59, for a total value of $443,666.01. Following the completion of the transaction, the director now owns 3,936 shares of the company’s stock, valued at $856,434.24. The disclosure for this sale can be found here. In the last three months, insiders sold 235,288 shares of company stock worth $48,364,658. 0.75% of the stock is owned by insiders.

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 approximately 171,000 communications sites.

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

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