American Tower Corporation (NYSE:AMT) Shares Sold by Mill Creek Capital Advisors LLC

Mill Creek Capital Advisors LLC cut its holdings in American Tower Corporation (NYSE:AMT) by 13.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 10,040 shares of the real estate investment trust’s stock after selling 1,589 shares during the period. Mill Creek Capital Advisors LLC’s holdings in American Tower were worth $2,185,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of AMT. Nuveen LLC acquired a new position in American Tower in the 1st quarter valued at $991,525,000. Capital Research Global Investors boosted its position in American Tower by 66.5% during the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock worth $1,570,547,000 after purchasing an additional 3,421,413 shares during the period. Capital World Investors boosted its position in American Tower by 160.6% during the 4th quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock worth $902,396,000 after purchasing an additional 3,032,005 shares during the period. GAMMA Investing LLC boosted its position in American Tower by 23,627.3% during the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock worth $370,346,000 after purchasing an additional 1,694,784 shares during the period. Finally, Bessemer Group Inc. boosted its position in American Tower by 272.0% during the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust’s stock worth $247,390,000 after purchasing an additional 831,247 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Performance

NYSE AMT opened at $206.20 on Friday. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $96.55 billion, a price-to-earnings ratio of 74.98, a P/E/G ratio of 1.17 and a beta of 0.82. The company’s fifty day moving average is $217.44 and its two-hundred day moving average is $211.86. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same period in the previous year, the business earned $2.79 EPS. The firm’s revenue was down 9.4% on a year-over-year basis. Equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AMT. Hsbc Global Res cut shares of American Tower from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. HSBC cut shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price objective for the company. in a research report on Wednesday, July 30th. The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research report on Tuesday, July 29th. UBS Group upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average price target of $244.47.

Insider Buying and Selling

In other news, CEO Juan Font sold 720 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is currently owned by company insiders.

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