American Tower Co. (NYSE:AMT) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its position in American Tower Co. (NYSE:AMTFree Report) by 17.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,437 shares of the real estate investment trust’s stock after buying an additional 659 shares during the quarter. Pinnacle Associates Ltd.’s holdings in American Tower were worth $958,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. McClarren Financial Advisors Inc. acquired a new stake in American Tower in the third quarter valued at approximately $27,000. Emerald Advisers LLC acquired a new stake in shares of American Tower during the third quarter worth approximately $29,000. Thompson Investment Management Inc. acquired a new position in American Tower during the 4th quarter worth $29,000. Pinnacle Holdings LLC bought a new stake in American Tower in the first quarter valued at about $29,000. Finally, Eagle Bay Advisors LLC bought a new stake in shares of American Tower in the 2nd quarter valued at approximately $30,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the sale, the director now directly owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AMT has been the topic of several research reports. JPMorgan Chase & Co. dropped their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. HSBC initiated coverage on American Tower in a research report on Thursday, December 14th. They issued a “buy” rating and a $245.00 target price on the stock. Barclays boosted their price target on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. BMO Capital Markets dropped their price objective on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th. Finally, StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $215.90.

Check Out Our Latest Analysis on American Tower

American Tower Stock Down 0.4 %

American Tower stock opened at $192.18 on Wednesday. The company’s 50-day moving average price is $195.73 and its two-hundred day moving average price is $192.53. The stock has a market cap of $89.62 billion, a price-to-earnings ratio of 60.43, a PEG ratio of 1.34 and a beta of 0.67. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $219.10. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29.

American Tower (NYSE:AMTGet Free Report) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 EPS for the quarter, missing the consensus estimate of $2.10 by ($1.16). The firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. American Tower’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.34 EPS. On average, analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.37%. American Tower’s dividend payout ratio is currently 213.84%.

About American Tower

(Free Report)

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.

See Also

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

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