Toronto Dominion Bank Lowers Holdings in American Tower Co. (NYSE:AMT)

Toronto Dominion Bank decreased its stake in American Tower Co. (NYSE:AMT) by 11.5% during the first quarter, Holdings Channel reports. The institutional investor owned 297,144 shares of the real estate investment trust’s stock after selling 38,709 shares during the quarter. Toronto Dominion Bank’s holdings in American Tower were worth $58,713,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of AMT. Norges Bank purchased a new stake in shares of American Tower in the fourth quarter worth about $1,051,898,000. Wellington Management Group LLP boosted its stake in shares of American Tower by 21.9% in the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after buying an additional 2,839,570 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of American Tower by 36.2% in the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock worth $1,737,760,000 after buying an additional 2,336,501 shares during the last quarter. Edgewood Management LLC boosted its stake in shares of American Tower by 46.2% in the fourth quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after buying an additional 1,576,683 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of American Tower by 41.0% in the fourth quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock worth $1,144,014,000 after buying an additional 1,541,029 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insiders Place Their Bets

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the sale, the director now directly owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AMT has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price target on American Tower from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Morgan Stanley increased their price target on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. The Goldman Sachs Group initiated coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price target on the stock. BMO Capital Markets lowered their price target on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $222.92.

American Tower Price Performance

Shares of American Tower stock traded up $3.94 during mid-day trading on Friday, reaching $213.86. 1,548,181 shares of the stock traded hands, compared to its average volume of 2,315,905. The business has a 50-day moving average of $197.59 and a 200 day moving average of $193.78. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The stock has a market capitalization of $99.87 billion, a PE ratio of 48.38, a PEG ratio of 1.47 and a beta of 0.81. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the business posted $2.54 EPS. American Tower’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, analysts predict that American Tower Co. will post 10.04 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 3.03%. American Tower’s dividend payout ratio is presently 146.61%.

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.