Brown Brothers Harriman & Co. Sells 115,026 Shares of American Tower Co. (NYSE:AMT)

Brown Brothers Harriman & Co. lowered its position in shares of American Tower Co. (NYSE:AMT) by 59.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,903 shares of the real estate investment trust’s stock after selling 115,026 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in American Tower were worth $14,948,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Fortis Capital Advisors LLC bought a new stake in American Tower during the 4th quarter worth approximately $220,000. Accretive Wealth Partners LLC increased its stake in shares of American Tower by 9.4% in the fourth quarter. Accretive Wealth Partners LLC now owns 4,435 shares of the real estate investment trust’s stock valued at $958,000 after buying an additional 380 shares in the last quarter. Aveo Capital Partners LLC bought a new position in shares of American Tower in the fourth quarter valued at about $344,000. Gryphon Financial Partners LLC lifted its position in American Tower by 17.4% during the 4th quarter. Gryphon Financial Partners LLC now owns 10,950 shares of the real estate investment trust’s stock worth $2,472,000 after buying an additional 1,620 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new stake in American Tower in the 4th quarter valued at about $223,000. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Royal Bank of Canada boosted 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. TD Cowen raised their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Barclays dropped their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Finally, Wells Fargo & Company raised their target price on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $233.29.

American Tower Stock Performance

Shares of AMT opened at $238.50 on Monday. 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 Co. has a 12 month low of $154.58 and a 12 month high of $243.56. The firm has a fifty day simple moving average of $221.05 and a 200 day simple moving average of $201.23. The stock has a market capitalization of $111.40 billion, a price-to-earnings ratio of 53.96, a PEG ratio of 1.57 and a beta of 0.83.

American Tower (NYSE:AMT) last announced 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 net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the previous year, the business earned $2.46 EPS. American Tower’s revenue was up 4.7% on a year-over-year basis. Research analysts forecast that American Tower Co. will post 10.18 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a $1.62 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 2.72%. American Tower’s dividend payout ratio is presently 146.61%.

Insider Buying and Selling

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was 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 directly owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,723 shares of company stock worth $7,795,397. Insiders own 0.18% of the company’s stock.

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.