Parsons Capital Management Inc. RI Sells 1,139 Shares of American Tower Corp (NYSE:AMT)

Parsons Capital Management Inc. RI trimmed its position in American Tower Corp (NYSE:AMT) by 1.9% during the second quarter, Holdings Channel reports. The firm owned 58,397 shares of the real estate investment trust’s stock after selling 1,139 shares during the quarter. American Tower makes up approximately 1.3% of Parsons Capital Management Inc. RI’s portfolio, making the stock its 11th largest holding. Parsons Capital Management Inc. RI’s holdings in American Tower were worth $11,939,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. FMR LLC raised its holdings in American Tower by 13.3% in the 1st quarter. FMR LLC now owns 22,818,504 shares of the real estate investment trust’s stock valued at $4,496,615,000 after acquiring an additional 2,673,794 shares during the period. Jennison Associates LLC raised its holdings in American Tower by 28.3% in the 1st quarter. Jennison Associates LLC now owns 3,697,620 shares of the real estate investment trust’s stock valued at $728,653,000 after acquiring an additional 816,380 shares during the period. BlackRock Inc. raised its holdings in American Tower by 2.1% in the 1st quarter. BlackRock Inc. now owns 30,336,022 shares of the real estate investment trust’s stock valued at $5,978,017,000 after acquiring an additional 610,821 shares during the period. Geode Capital Management LLC raised its holdings in American Tower by 11.1% in the 4th quarter. Geode Capital Management LLC now owns 5,244,004 shares of the real estate investment trust’s stock valued at $827,966,000 after acquiring an additional 525,601 shares during the period. Finally, Waverton Investment Management Ltd raised its holdings in American Tower by 882.3% in the 1st quarter. Waverton Investment Management Ltd now owns 427,933 shares of the real estate investment trust’s stock valued at $84,328,000 after acquiring an additional 384,368 shares during the period. 93.68% of the stock is currently owned by institutional investors.

Shares of NYSE:AMT traded up $3.97 on Thursday, reaching $222.85. 50,383 shares of the company’s stock were exchanged, compared to its average volume of 1,630,207. The company’s fifty day moving average price is $210.52. American Tower Corp has a twelve month low of $140.40 and a twelve month high of $224.71. The firm has a market cap of $98.41 billion, a P/E ratio of 27.88, a price-to-earnings-growth ratio of 1.81 and a beta of 0.50. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 4.13.

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 return on equity of 24.75% and a net margin of 19.30%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the previous year, the company earned $1.74 EPS. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities analysts predict that American Tower Corp will post 7.66 earnings per share for the current fiscal year.

Several research analysts have weighed in on AMT shares. UBS Group cut shares of American Tower from a “buy” rating to a “neutral” rating and increased their price target for the company from $195.00 to $222.00 in a report on Friday, June 7th. Royal Bank of Canada increased their price target on shares of American Tower from $195.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, May 9th. Morgan Stanley increased their price target on shares of American Tower from $185.00 to $201.00 and gave the company an “equal weight” rating in a report on Monday, May 20th. SunTrust Banks increased their price target on shares of American Tower to $230.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, KeyCorp increased their price target on shares of American Tower from $207.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 15th. They noted that the move was a valuation call. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $195.60.

In other American Tower news, EVP Olivier Puech sold 8,347 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $210.27, for a total transaction of $1,755,123.69. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James D. Taiclet, Jr. sold 57,438 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $201.40, for a total transaction of $11,568,013.20. Following the transaction, the chief executive officer now owns 255,414 shares in the company, valued at approximately $51,440,379.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,020 shares of company stock worth $39,584,998. Company insiders own 0.75% 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 approximately 171,000 communications sites.

Further Reading: Cost of Goods Sold (COGS)

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

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