Wealth Enhancement Advisory Services LLC Has $2.13 Million Holdings in American Tower Corp (NYSE:AMT)

Wealth Enhancement Advisory Services LLC cut its holdings in American Tower Corp (NYSE:AMT) by 1.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,374 shares of the real estate investment trust’s stock after selling 203 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in American Tower were worth $2,133,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of AMT. Cable Hill Partners LLC grew its holdings in American Tower by 61.9% during the first quarter. Cable Hill Partners LLC now owns 136 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 52 shares in the last quarter. Nelson Roberts Investment Advisors LLC bought a new stake in American Tower during the second quarter worth $27,000. Spectrum Management Group Inc. bought a new stake in American Tower during the first quarter worth $29,000. CX Institutional grew its holdings in American Tower by 54.9% during the second quarter. CX Institutional now owns 158 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 56 shares in the last quarter. Finally, Litman Gregory Asset Management LLC bought a new stake in American Tower during the second quarter worth $33,000. 93.68% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently issued reports on the company. UBS Group downgraded American Tower from a “buy” rating to a “neutral” rating and upped their price target for the stock from $195.00 to $222.00 in a report on Friday, June 7th. SunTrust Banks upped their price objective on American Tower to $230.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Morgan Stanley upped their price objective on American Tower from $185.00 to $201.00 and gave the company an “equal weight” rating in a research note on Monday, May 20th. JPMorgan Chase & Co. upped their price objective on American Tower from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada upped their price objective on American Tower from $195.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, May 9th. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $195.60.

Shares of NYSE AMT traded up $4.13 during trading on Thursday, reaching $223.01. 69,247 shares of the stock traded hands, compared to its average volume of 1,630,207. American Tower Corp has a 52-week low of $140.40 and a 52-week high of $224.71. The company has a debt-to-equity ratio of 4.13, a current ratio of 0.49 and a quick ratio of 0.49. The firm has a 50-day moving average of $210.52. The stock has a market cap of $98.41 billion, a PE ratio of 27.91, a P/E/G ratio of 1.81 and a beta of 0.50.

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

In other news, Director David E. Sharbutt sold 2,039 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $217.59, for a total transaction of $443,666.01. Following the transaction, the director now owns 3,936 shares of the company’s stock, 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, CEO James D. Taiclet, Jr. sold 57,439 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $207.93, for a total value of $11,943,291.27. Following the transaction, the chief executive officer now directly owns 255,415 shares in the company, valued at approximately $53,108,440.95. The disclosure for this sale can be found here. Insiders have sold a total of 191,020 shares of company stock worth $39,584,998 in the last ninety days. Insiders own 0.75% 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 approximately 171,000 communications sites.

Read More: What are some reasons analysts would give stocks a buy rating?

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

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