Toronto Dominion Bank Trims Position in American Tower Co. (NYSE:AMT)

Toronto Dominion Bank cut its holdings in shares of American Tower Co. (NYSE:AMT) by 11.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 297,144 shares of the real estate investment trust’s stock after selling 38,709 shares during the period. Toronto Dominion Bank owned 0.06% of American Tower worth $58,713,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Norges Bank purchased a new stake in American Tower in the fourth quarter worth $1,051,898,000. Wellington Management Group LLP grew its stake in American Tower by 21.9% in the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after purchasing an additional 2,839,570 shares during the period. Principal Financial Group Inc. grew its stake in American Tower by 36.2% in the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock worth $1,737,760,000 after purchasing an additional 2,336,501 shares during the period. Edgewood Management LLC grew its stake in American Tower by 46.2% in the fourth quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after purchasing an additional 1,576,683 shares during the period. Finally, Jennison Associates LLC grew its stake in American Tower by 41.0% in the fourth quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock worth $1,144,014,000 after purchasing an additional 1,541,029 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

AMT stock traded up $3.94 during trading on Friday, reaching $213.86. The stock had a trading volume of 1,548,181 shares, compared to its average volume of 2,315,905. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $219.10. The stock’s 50 day moving average is $197.59 and its two-hundred day moving average is $193.78. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39. The firm has a market cap of $99.87 billion, a PE ratio of 48.38, a PEG ratio of 1.47 and a beta of 0.81.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the company posted $2.54 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. As a group, equities analysts anticipate that American Tower Co. will post 10.04 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, June 14th. American Tower’s payout ratio is 146.61%.

Insiders Place Their Bets

In other American Tower news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other American Tower news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on AMT shares. The Goldman Sachs Group started coverage on American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 target price on the stock. BMO Capital Markets dropped their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Barclays dropped their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Morgan Stanley boosted their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average price target of $222.92.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.