American Tower Co. (REIT) (NYSE:AMT) Shares Sold by abrdn plc

abrdn plc lowered its stake in American Tower Co. (REIT) (NYSE:AMT) by 15.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,485,592 shares of the real estate investment trust’s stock after selling 271,876 shares during the period. American Tower comprises 0.9% of abrdn plc’s investment portfolio, making the stock its 20th biggest position. abrdn plc owned approximately 0.33% of American Tower worth $401,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Financial Architects Inc raised its position in American Tower by 53.1% in the 2nd quarter. Financial Architects Inc now owns 1,830 shares of the real estate investment trust’s stock valued at $494,000 after purchasing an additional 635 shares in the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of American Tower by 2.2% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 6,649 shares of the real estate investment trust’s stock worth $1,796,000 after acquiring an additional 144 shares in the last quarter. Brighton Jones LLC raised its position in shares of American Tower by 2.8% during the 2nd quarter. Brighton Jones LLC now owns 5,455 shares of the real estate investment trust’s stock worth $1,474,000 after acquiring an additional 151 shares in the last quarter. National Asset Management Inc. raised its position in shares of American Tower by 17.0% during the 2nd quarter. National Asset Management Inc. now owns 29,555 shares of the real estate investment trust’s stock worth $7,915,000 after acquiring an additional 4,301 shares in the last quarter. Finally, Midwest Professional Planners LTD. raised its position in shares of American Tower by 22.5% during the 2nd quarter. Midwest Professional Planners LTD. now owns 3,585 shares of the real estate investment trust’s stock worth $968,000 after acquiring an additional 658 shares in the last quarter. 89.57% of the stock is currently owned by institutional investors.

Several equities research analysts have recently weighed in on the company. Truist raised their target price on American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $250.00 to $295.00 and gave the stock a “hold” rating in a research report on Thursday, July 8th. They noted that the move was a valuation call. Argus lifted their price target on American Tower from $288.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, August 12th. Raymond James lifted their target price on American Tower from $261.00 to $296.00 and gave the company an “outperform” rating in a research note on Tuesday, August 3rd. Finally, Truist Securities lifted their target price on American Tower from $280.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, July 30th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, American Tower currently has a consensus rating of “Buy” and a consensus price target of $298.29.

In other news, Director David E. Sharbutt sold 739 shares of the company’s stock in a transaction dated Friday, September 3rd. The stock was sold at an average price of $300.71, for a total value of $222,224.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Steven O. Vondran sold 8,046 shares of the company’s stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $279.09, for a total value of $2,245,558.14. Following the completion of the sale, the executive vice president now directly owns 25,755 shares of the company’s stock, valued at approximately $7,187,962.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,085 shares of company stock valued at $2,552,330. 0.68% of the stock is owned by company insiders.

American Tower stock traded down $0.19 during trading on Wednesday, hitting $296.21. The company’s stock had a trading volume of 43,578 shares, compared to its average volume of 1,857,303. The stock has a market capitalization of $134.82 billion, a price-to-earnings ratio of 59.65, a P/E/G ratio of 2.07 and a beta of 0.24. The stock’s fifty day moving average is $286.28 and its 200 day moving average is $260.52. American Tower Co. has a 1-year low of $197.50 and a 1-year high of $303.72. The company has a debt-to-equity ratio of 4.83, a quick ratio of 0.77 and a current ratio of 0.77.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%. On average, research analysts anticipate that American Tower Co. will post 9.28 EPS for the current fiscal year.

American Tower Company Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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

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