Pinnacle Wealth Management Advisory Group LLC Buys Shares of 1,060 American Tower Co. (NYSE:AMT)

Pinnacle Wealth Management Advisory Group LLC purchased a new position in American Tower Co. (NYSE:AMT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,060 shares of the real estate investment trust’s stock, valued at approximately $229,000.

Several other large investors have also recently made changes to their positions in AMT. Cross Staff Investments Inc increased its stake in shares of American Tower by 5.1% in the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after acquiring an additional 244 shares during the last quarter. Gateway Investment Advisers LLC grew its holdings in shares of American Tower by 57.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock worth $7,718,000 after purchasing an additional 13,074 shares during the period. Anchor Capital Advisors LLC increased its position in shares of American Tower by 38.1% during the 4th quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after purchasing an additional 21,139 shares during the last quarter. Victory Capital Management Inc. raised its holdings in American Tower by 0.5% in the 3rd quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust’s stock valued at $29,155,000 after buying an additional 806 shares during the period. Finally, FAS Wealth Partners Inc. purchased a new position in American Tower during the fourth quarter worth about $2,001,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Trading Up 2.8 %

Shares of American Tower stock opened at $186.42 on Friday. The company’s fifty day moving average is $188.62 and its two-hundred day moving average is $194.99. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $86.93 billion, a P/E ratio of 42.18, a PEG ratio of 1.43 and a beta of 0.71.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the prior year, the business earned $2.54 EPS. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. Analysts forecast that American Tower Co. will post 9.96 earnings per share for the current year.

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were paid a $1.62 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.48%. American Tower’s dividend payout ratio is currently 146.61%.

Insider Transactions at American Tower

In related news, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction that occurred 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 owns 18,545 shares in the company, valued at approximately $3,532,080.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,264 shares of company stock worth $3,458,757. Company insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AMT shares. JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. BMO Capital Markets lowered their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Scotiabank decreased their price target on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. Finally, Morgan Stanley raised their price objective on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $221.91.

About American Tower

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.