Northwestern Mutual Wealth Management Co. Boosts Stake in American Tower Co. (NYSE:AMT)

Northwestern Mutual Wealth Management Co. raised its holdings in American Tower Co. (NYSE:AMT) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,617 shares of the real estate investment trust’s stock after acquiring an additional 3,218 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in American Tower were worth $11,394,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. NBT Bank N A NY lifted its position in American Tower by 3.3% during the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock valued at $329,000 after purchasing an additional 54 shares during the last quarter. O Brien Greene & Co. Inc grew its position in American Tower by 2.3% in the second quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after acquiring an additional 55 shares in the last quarter. CFO4Life Group LLC increased its stake in American Tower by 5.4% in the first quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock valued at $221,000 after acquiring an additional 57 shares during the last quarter. Tyche Wealth Partners LLC raised its position in American Tower by 4.9% during the second quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock valued at $242,000 after purchasing an additional 58 shares in the last quarter. Finally, Advisors Management Group Inc. ADV lifted its stake in American Tower by 4.6% during the first quarter. Advisors Management Group Inc. ADV now owns 1,347 shares of the real estate investment trust’s stock worth $266,000 after purchasing an additional 59 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Activity

In other news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock valued at $7,795,397 over the last three months. Insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of AMT opened at $232.01 on Wednesday. The business’s 50 day moving average price is $227.84 and its 200-day moving average price is $203.89. The stock has a market cap of $108.37 billion, a P/E ratio of 52.49, a P/E/G ratio of 1.05 and a beta of 0.83. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the prior year, the company posted $2.46 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts anticipate that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be paid a $1.62 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.79%. American Tower’s dividend payout ratio is presently 146.61%.

Analysts Set New Price Targets

Several equities analysts have recently commented on AMT shares. Scotiabank increased their price objective on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 31st. BMO Capital Markets lifted their price target on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. The Goldman Sachs Group initiated coverage on shares of American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Finally, Wells Fargo & Company upped their price target on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $234.00.

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.