Sugarloaf Wealth Management LLC Acquires 1,056 Shares of American Tower Co. (NYSE:AMT)

Sugarloaf Wealth Management LLC boosted its holdings in American Tower Co. (NYSE:AMT) by 9.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,452 shares of the real estate investment trust’s stock after acquiring an additional 1,056 shares during the quarter. American Tower accounts for approximately 0.6% of Sugarloaf Wealth Management LLC’s holdings, making the stock its 29th largest position. Sugarloaf Wealth Management LLC’s holdings in American Tower were worth $2,415,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in shares of American Tower by 1.6% during the 1st quarter. Wellington Management Group LLP now owns 13,452,478 shares of the real estate investment trust’s stock valued at $2,748,879,000 after buying an additional 213,815 shares during the period. Moneta Group Investment Advisors LLC lifted its holdings in shares of American Tower by 101,474.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock valued at $2,219,094,000 after buying an additional 10,464,030 shares during the period. Geode Capital Management LLC lifted its holdings in shares of American Tower by 1.4% during the 1st quarter. Geode Capital Management LLC now owns 9,733,814 shares of the real estate investment trust’s stock valued at $1,985,706,000 after buying an additional 131,933 shares during the period. Deutsche Bank AG increased its stake in shares of American Tower by 4.0% in the 1st quarter. Deutsche Bank AG now owns 7,325,350 shares of the real estate investment trust’s stock worth $1,496,862,000 after purchasing an additional 284,470 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of American Tower by 15.4% in the 4th quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock worth $1,532,063,000 after purchasing an additional 962,800 shares in the last quarter. 89.29% of the stock is owned by institutional investors.

American Tower Trading Down 0.7 %

Shares of American Tower stock traded down $1.30 on Tuesday, hitting $178.23. 777,604 shares of the company traded hands, compared to its average volume of 2,056,112. The stock’s 50 day moving average price is $184.36 and its 200-day moving average price is $191.89. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 2.96. American Tower Co. has a 52 week low of $172.55 and a 52 week high of $245.85. The company has a market cap of $83.08 billion, a PE ratio of 86.73, a PEG ratio of 1.35 and a beta of 0.58.

Insider Activity

In other news, CFO Rodney M. Smith sold 2,727 shares of American Tower stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $187.17, for a total transaction of $510,412.59. Following the completion of the sale, the chief financial officer now owns 50,662 shares of the company’s stock, valued at $9,482,406.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Rodney M. Smith sold 2,727 shares of American Tower stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $187.17, for a total transaction of $510,412.59. Following the transaction, the chief financial officer now directly owns 50,662 shares of the company’s stock, valued at $9,482,406.54. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Rodney M. Smith sold 3,524 shares of American Tower stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $188.91, for a total transaction of $665,718.84. Following the transaction, the chief financial officer now directly owns 53,389 shares in the company, valued at $10,085,715.99. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,251 shares of company stock valued at $2,957,531. Corporate insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Wells Fargo & Company reduced their price objective on American Tower from $245.00 to $215.00 and set an “overweight” rating for the company in a research note on Tuesday, July 18th. Morgan Stanley reduced their price objective on American Tower from $213.00 to $212.00 and set an “equal weight” rating for the company in a research note on Thursday, September 14th. Royal Bank of Canada reduced their price objective on American Tower from $233.00 to $230.00 and set an “outperform” rating for the company in a research note on Tuesday, August 1st. Raymond James cut their price target on American Tower from $211.00 to $205.00 and set an “outperform” rating for the company in a research note on Tuesday, August 22nd. Finally, BMO Capital Markets started coverage on American Tower in a research report on Thursday, July 13th. They set an “outperform” rating and a $230.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $240.29.

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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.