Parsons Capital Management Inc. RI Sells 1,139 Shares of American Tower Corp (NYSE:AMT)

Parsons Capital Management Inc. RI decreased its holdings in shares of American Tower Corp (NYSE:AMT) by 1.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 58,397 shares of the real estate investment trust’s stock after selling 1,139 shares during the period. American Tower makes up 1.3% of Parsons Capital Management Inc. RI’s holdings, making the stock its 11th largest position. Parsons Capital Management Inc. RI’s holdings in American Tower were worth $11,939,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. FinTrust Capital Advisors LLC raised its position in shares of American Tower by 18.3% during the 2nd quarter. FinTrust Capital Advisors LLC now owns 679 shares of the real estate investment trust’s stock valued at $138,000 after acquiring an additional 105 shares during the last quarter. Sigma Planning Corp raised its position in shares of American Tower by 4.1% during the 2nd quarter. Sigma Planning Corp now owns 4,861 shares of the real estate investment trust’s stock valued at $994,000 after acquiring an additional 191 shares during the last quarter. Kavar Capital Partners LLC bought a new stake in shares of American Tower during the 2nd quarter valued at $47,000. DekaBank Deutsche Girozentrale raised its position in shares of American Tower by 3.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 60,475 shares of the real estate investment trust’s stock valued at $12,679,000 after acquiring an additional 2,271 shares during the last quarter. Finally, Hall Laurie J Trustee raised its position in shares of American Tower by 13.3% during the 2nd quarter. Hall Laurie J Trustee now owns 425 shares of the real estate investment trust’s stock valued at $87,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 93.68% of the company’s stock.

Several analysts have commented on the stock. Royal Bank of Canada upped their target price on shares of American Tower from $195.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, May 9th. SunTrust Banks boosted their price target on shares of American Tower to $230.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Morgan Stanley boosted their price target on shares of American Tower from $185.00 to $201.00 and gave the company an “equal weight” rating in a report on Monday, May 20th. KeyCorp boosted their price target on shares of American Tower from $207.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 15th. They noted that the move was a valuation call. Finally, UBS Group lowered shares of American Tower from a “buy” rating to a “neutral” rating and boosted their price target for the company from $195.00 to $222.00 in a report on Friday, June 7th. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $195.60.

Shares of AMT stock traded up $3.97 on Thursday, hitting $222.85. The stock had a trading volume of 50,383 shares, compared to its average volume of 1,630,207. American Tower Corp has a twelve month low of $140.40 and a twelve month high of $224.71. The firm has a market cap of $98.41 billion, a price-to-earnings ratio of 27.88, a P/E/G ratio of 1.81 and a beta of 0.50. The company has a debt-to-equity ratio of 4.13, a quick ratio of 0.49 and a current ratio of 0.49. The company has a fifty day simple moving average of $210.52.

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

In related news, EVP Olivier Puech sold 8,347 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $210.27, for a total value of $1,755,123.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James D. Taiclet, Jr. sold 57,438 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $201.40, for a total transaction of $11,568,013.20. Following the completion of the transaction, the chief executive officer now directly owns 255,414 shares of the company’s stock, valued at $51,440,379.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,020 shares of company stock valued at $39,584,998. Company 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.

Recommended Story: What Does a Sell-Side Analyst Rating Mean?

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

Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.