Torray Investment Partners LLC Grows Stock Holdings in American Tower Co. (NYSE:AMT)

Torray Investment Partners LLC raised its stake in American Tower Co. (NYSE:AMT) by 0.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 47,234 shares of the real estate investment trust’s stock after buying an additional 385 shares during the quarter. American Tower makes up approximately 1.4% of Torray Investment Partners LLC’s portfolio, making the stock its 29th biggest holding. Torray Investment Partners LLC’s holdings in American Tower were worth $9,181,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Allstate Corp raised its holdings in American Tower by 3.1% during the fourth quarter. Allstate Corp now owns 1,750 shares of the real estate investment trust’s stock worth $378,000 after purchasing an additional 53 shares during the last quarter. NBT Bank N A NY increased its position in shares of American Tower by 3.3% in the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock valued at $329,000 after buying an additional 54 shares in the last quarter. Glassman Wealth Services raised its stake in shares of American Tower by 4.7% during the 4th quarter. Glassman Wealth Services now owns 1,242 shares of the real estate investment trust’s stock worth $268,000 after buying an additional 56 shares during the last quarter. CFO4Life Group LLC boosted its position in shares of American Tower by 5.4% in the 1st quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock worth $221,000 after buying an additional 57 shares in the last quarter. Finally, Main Street Financial Solutions LLC grew its stake in American Tower by 1.4% in the 4th quarter. Main Street Financial Solutions LLC now owns 4,265 shares of the real estate investment trust’s stock valued at $921,000 after acquiring an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 1.1 %

AMT stock traded up $2.52 on Friday, hitting $236.16. 2,749,994 shares of the company were exchanged, compared to its average volume of 2,325,473. 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 stock has a market capitalization of $110.31 billion, a price-to-earnings ratio of 53.45, a price-to-earnings-growth ratio of 1.54 and a beta of 0.83. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $236.44. The business’s fifty day moving average is $216.56 and its two-hundred day moving average is $199.32.

American Tower (NYSE:AMT) last released its quarterly earnings data 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). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the previous year, the company earned $2.46 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, research analysts forecast that American Tower Co. will post 10.18 earnings per share for the current year.

Insider Transactions at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the company’s 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 sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 in the last three months. 0.18% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target on the stock. TD Cowen increased their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Barclays cut their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. BMO Capital Markets reaffirmed an “outperform” rating and set a $246.00 price objective (up previously from $225.00) on shares of American Tower in a research note on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

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.