TD Asset Management Inc Sells 53,072 Shares of American Tower Co. (NYSE:AMT)

TD Asset Management Inc cut its stake in American Tower Co. (NYSE:AMT) by 16.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 277,226 shares of the real estate investment trust’s stock after selling 53,072 shares during the period. TD Asset Management Inc owned 0.06% of American Tower worth $53,887,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new stake in American Tower in the first quarter valued at approximately $25,000. Cultivar Capital Inc. acquired a new position in American Tower in the second quarter valued at approximately $25,000. Gold Investment Management Ltd. acquired a new position in American Tower in the fourth quarter valued at approximately $28,000. Hobbs Group Advisors LLC acquired a new position in American Tower in the second quarter valued at approximately $29,000. Finally, SOA Wealth Advisors LLC. acquired a new position in American Tower in the first quarter valued at approximately $30,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Trading Up 1.1 %

NYSE AMT opened at $236.23 on Friday. The firm has a market capitalization of $110.34 billion, a P/E ratio of 53.45, a PEG ratio of 1.54 and a beta of 0.83. The business has a fifty day simple moving average of $216.56 and a 200 day simple moving average of $199.32. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $236.44. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42.

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 analysts’ consensus estimates of $2.44 by ($0.52). The company 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 quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.46 earnings per share. On average, analysts predict that American Tower Co. will post 10.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft boosted their price target on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada upped their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Scotiabank upped their target price on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their target price on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $231.14.

Insider Buying and Selling at American Tower

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock worth $7,795,397 in the last quarter. 0.18% of the stock is currently owned by company 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.