American Tower Corp (NYSE:AMT) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lowered its holdings in American Tower Corp (NYSE:AMT) by 43.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,407 shares of the real estate investment trust’s stock after selling 33,143 shares during the period. Wedge Capital Management L L P NC’s holdings in American Tower were worth $8,670,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Morse Asset Management Inc acquired a new position in shares of American Tower in the second quarter valued at approximately $250,000. TD Asset Management Inc. grew its holdings in shares of American Tower by 2.4% in the second quarter. TD Asset Management Inc. now owns 364,509 shares of the real estate investment trust’s stock valued at $74,524,000 after purchasing an additional 8,536 shares in the last quarter. Keybank National Association OH grew its holdings in shares of American Tower by 6.7% in the second quarter. Keybank National Association OH now owns 243,834 shares of the real estate investment trust’s stock valued at $49,852,000 after purchasing an additional 15,297 shares in the last quarter. Charter Trust Co. grew its holdings in shares of American Tower by 24.6% in the second quarter. Charter Trust Co. now owns 12,369 shares of the real estate investment trust’s stock valued at $2,529,000 after purchasing an additional 2,445 shares in the last quarter. Finally, Bar Harbor Trust Services grew its holdings in shares of American Tower by 0.4% in the second quarter. Bar Harbor Trust Services now owns 53,423 shares of the real estate investment trust’s stock valued at $10,922,000 after purchasing an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 93.68% of the company’s stock.

AMT has been the subject of several analyst reports. UBS Group cut shares of American Tower from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $195.00 to $222.00 in a report on Friday, June 7th. SunTrust Banks boosted their price target on shares of American Tower to $230.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Royal Bank of Canada boosted their price target on shares of American Tower from $195.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, May 9th. JPMorgan Chase & Co. boosted their price target on shares of American Tower from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Morgan Stanley boosted their price target on shares of American Tower from $185.00 to $201.00 and gave the stock an “equal weight” rating in a report on Monday, May 20th. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $195.60.

Shares of NYSE:AMT traded up $2.48 during trading on Thursday, hitting $221.36. 29,325 shares of the company were exchanged, compared to its average volume of 1,630,207. The stock has a market capitalization of $98.41 billion, a PE ratio of 27.74, a P/E/G ratio of 1.81 and a beta of 0.50. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 4.13. American Tower Corp has a 12-month low of $140.40 and a 12-month high of $224.71. The company has a 50 day moving average of $210.52.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.87 by ($0.91). The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.83 billion. American Tower had a return on equity of 24.75% and a net margin of 19.30%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.74 EPS. As a group, analysts forecast that American Tower Corp will post 7.66 EPS for the current fiscal year.

In other news, Director David E. Sharbutt sold 2,039 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $217.59, for a total transaction of $443,666.01. Following the completion of the sale, the director now owns 3,936 shares in the company, valued at approximately $856,434.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Olivier Puech sold 8,219 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $204.81, for a total transaction of $1,683,333.39. Following the sale, the executive vice president now owns 23,288 shares of the company’s stock, valued at approximately $4,769,615.28. The disclosure for this sale can be found here. Insiders have sold a total of 191,020 shares of company stock valued at $39,584,998 in the last 90 days. Insiders own 0.75% of the company’s stock.

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 approximately 171,000 communications sites.

Featured Story: P/E Growth (PEG)

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corp (NYSE:AMT).

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.