American Tower Co. (NYSE:AMT) Shares Purchased by Pine Valley Investments Ltd Liability Co

Pine Valley Investments Ltd Liability Co raised its stake in American Tower Co. (NYSE:AMT) by 23.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 12,585 shares of the real estate investment trust’s stock after buying an additional 2,412 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in American Tower were worth $2,320,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AMT. FMR LLC lifted its stake in American Tower by 25.4% in the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after buying an additional 2,152,646 shares during the last quarter. Adelante Capital Management LLC lifted its stake in American Tower by 2,723.4% in the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock valued at $279,890,000 after buying an additional 1,160,890 shares during the last quarter. State Street Corp lifted its stake in American Tower by 3.1% in the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after buying an additional 635,726 shares during the last quarter. KBC Group NV lifted its stake in American Tower by 270.4% in the third quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust’s stock valued at $108,553,000 after buying an additional 340,742 shares during the last quarter. Finally, Brookfield Corp ON lifted its stake in American Tower by 88.3% in the third quarter. Brookfield Corp ON now owns 710,725 shares of the real estate investment trust’s stock valued at $165,286,000 after buying an additional 333,209 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Citigroup cut their target price on American Tower from $255.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. Scotiabank cut their price objective on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research note on Thursday, January 23rd. BMO Capital Markets cut their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Wells Fargo & Company cut their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. Finally, The Goldman Sachs Group cut their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $227.00.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the transaction, the chief financial officer now owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is currently owned by company insiders.

American Tower Price Performance

Shares of American Tower stock opened at $203.84 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The company’s 50-day moving average price is $185.84 and its two-hundred day moving average price is $207.01. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The stock has a market cap of $95.25 billion, a PE ratio of 86.01, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping the consensus estimate of $1.79 by $0.83. The firm had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.29 earnings per share. As a group, sell-side analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, December 27th were paid a $1.62 dividend. The ex-dividend date was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.18%. American Tower’s dividend payout ratio is currently 273.42%.

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