Grassi Investment Management Boosts Stock Position in American Tower Co. (NYSE:AMT)

Grassi Investment Management lifted its holdings in American Tower Co. (NYSE:AMT) by 0.6% in the second quarter, HoldingsChannel reports. The firm owned 53,047 shares of the real estate investment trust’s stock after purchasing an additional 300 shares during the quarter. Grassi Investment Management’s holdings in American Tower were worth $10,288,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of AMT. J.Safra Asset Management Corp lifted its position in American Tower by 629.4% in the fourth quarter. J.Safra Asset Management Corp now owns 124 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 107 shares during the last quarter. Pinnacle Holdings LLC bought a new stake in American Tower in the first quarter worth $29,000. Eagle Bay Advisors LLC bought a new stake in American Tower in the second quarter worth $30,000. Sittner & Nelson LLC lifted its position in American Tower by 151.7% in the first quarter. Sittner & Nelson LLC now owns 151 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 91 shares during the last quarter. Finally, Tucker Asset Management LLC bought a new stake in American Tower in the first quarter worth $31,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $178.14, for a total transaction of $1,781,400.00. Following the completion of the sale, the chief financial officer now directly owns 50,662 shares in the company, valued at $9,024,928.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Rodney M. Smith sold 2,727 shares of American Tower stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $187.17, for a total transaction of $510,412.59. Following the sale, the chief financial officer now owns 50,662 shares of the company’s stock, valued at approximately $9,482,406.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Rodney M. Smith sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $178.14, for a total value of $1,781,400.00. Following the sale, the chief financial officer now directly owns 50,662 shares of the company’s stock, valued at approximately $9,024,928.68. The disclosure for this sale can be found here. Insiders sold a total of 16,251 shares of company stock valued at $2,957,531 in the last three months. 0.24% of the stock is currently owned by company insiders.

American Tower Trading Down 0.5 %

Shares of NYSE:AMT opened at $180.14 on Monday. American Tower Co. has a 12-month low of $172.55 and a 12-month high of $247.78. The company has a market capitalization of $83.97 billion, a PE ratio of 87.02, a PEG ratio of 1.36 and a beta of 0.58. The business has a 50 day moving average of $184.36 and a two-hundred day moving average of $191.89. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 2.96.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Morgan Stanley decreased their target price on American Tower from $213.00 to $212.00 and set an “equal weight” rating for the company in a research report on Thursday. StockNews.com assumed coverage on American Tower in a research report on Thursday, August 17th. They set a “hold” rating for the company. Royal Bank of Canada decreased their price objective on American Tower from $233.00 to $230.00 and set an “outperform” rating for the company in a report on Tuesday, August 1st. BMO Capital Markets assumed coverage on American Tower in a report on Thursday, July 13th. They issued an “outperform” rating and a $230.00 price objective for the company. Finally, Raymond James decreased their price objective on American Tower from $211.00 to $205.00 and set an “outperform” rating for the company in a report on Tuesday, August 22nd. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $240.29.

American Tower 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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.