Sumitomo Life Insurance Co. Has $1.12 Million Holdings in American Tower Co. (NYSE:AMT)

Sumitomo Life Insurance Co. cut its stake in shares of American Tower Co. (NYSE:AMT) by 11.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,745 shares of the real estate investment trust’s stock after selling 713 shares during the period. Sumitomo Life Insurance Co.’s holdings in American Tower were worth $1,117,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Cross Staff Investments Inc lifted its position in American Tower by 5.1% during the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after acquiring an additional 244 shares during the last quarter. Anchor Capital Advisors LLC raised its position in shares of American Tower by 38.1% in the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock valued at $16,542,000 after buying an additional 21,139 shares in the last quarter. Meyer Handelman Co. acquired a new stake in shares of American Tower in the first quarter valued at approximately $801,000. TD Asset Management Inc raised its position in shares of American Tower by 23.2% in the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after buying an additional 51,882 shares in the last quarter. Finally, Kingsview Wealth Management LLC raised its position in shares of American Tower by 13.8% in the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after buying an additional 4,660 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were 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 in the company, valued at $7,424,177.89. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were 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 in the company, valued at $7,424,177.89. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Insiders have sold a total of 37,227 shares of company stock valued at $8,497,458 over the last 90 days. 0.18% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target for the company. Scotiabank lifted their price target on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 31st. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company boosted their price objective on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

American Tower Price Performance

Shares of NYSE AMT traded up $1.79 during midday trading on Friday, reaching $219.85. 1,986,252 shares of the company were exchanged, compared to its average volume of 2,370,238. The stock’s 50-day moving average price is $207.09 and its 200-day moving average price is $195.78. The stock has a market cap of $102.66 billion, a P/E ratio of 49.74, a PEG ratio of 1.50 and a beta of 0.81. American Tower Co. has a one year low of $154.58 and a one year high of $236.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the firm earned $2.46 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, sell-side analysts anticipate that American Tower Co. will post 10.04 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were paid a $1.62 dividend. The ex-dividend date was Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 2.95%. American Tower’s dividend payout ratio is 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.