American Tower Co. (NYSE:AMT) Shares Sold by DigitalBridge Group Inc.

DigitalBridge Group Inc. cut its stake in American Tower Co. (NYSE:AMT - Free Report) by 73.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,500 shares of the real estate investment trust's stock after selling 51,000 shares during the period. DigitalBridge Group Inc.'s holdings in American Tower were worth $3,596,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Northwest Investment Counselors LLC purchased a new stake in American Tower in the 1st quarter valued at $25,000. Cultivar Capital Inc. purchased a new stake in shares of American Tower in the second quarter valued at about $25,000. Fairscale Capital LLC purchased a new position in shares of American Tower during the second quarter worth about $27,000. Gold Investment Management Ltd. acquired a new position in American Tower in the 4th quarter valued at about $28,000. Finally, Hobbs Group Advisors LLC purchased a new stake in American Tower during the 2nd quarter valued at approximately $29,000. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Price Performance

Shares of NYSE AMT traded down $3.86 on Thursday, hitting $231.77. The company's stock had a trading volume of 2,306,893 shares, compared to its average volume of 2,043,904. The stock has a 50 day moving average of $226.10 and a 200-day moving average of $203.05. The company has a market capitalization of $108.26 billion, a price-to-earnings ratio of 52.44, a price-to-earnings-growth ratio of 1.08 and a beta of 0.83. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts' consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the company posted $2.46 EPS. American Tower's quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts predict that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 2.80%. American Tower's dividend payout ratio is currently 146.61%.

Insider Transactions at American Tower

In related news, EVP Olivier Puech sold 10,005 shares of the company's stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares of the company's stock, valued at $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now owns 61,843 shares of the company's stock, valued at $14,223,890. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the firm's stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 over the last ninety days. 0.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. 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. BMO Capital Markets raised their target price 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 assumed coverage on shares of American Tower in a research note on Monday, July 1st. They set a "buy" rating and a $230.00 price target on the stock. Wells Fargo & Company lifted their price objective on American Tower from $225.00 to $245.00 and gave the company an "overweight" rating in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on American Tower from $212.00 to $235.00 and gave the company a "buy" rating in a report on Wednesday, August 14th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower presently has an average rating of "Moderate Buy" and a consensus target price of $234.00.

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.