Pine Valley Investments Ltd Liability Co Cuts Position in American Tower Corporation $AMT

Pine Valley Investments Ltd Liability Co decreased its holdings in shares of American Tower Corporation (NYSE:AMT) by 33.0% in the first quarter, Holdings Channel.com reports. The firm owned 9,430 shares of the real estate investment trust’s stock after selling 4,645 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in American Tower were worth $1,627,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after purchasing an additional 2,104 shares during the last quarter. Sivia Capital Partners LLC grew its holdings in shares of American Tower by 34.3% during the second quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust’s stock valued at $319,000 after buying an additional 368 shares during the last quarter. United Bank increased its position in shares of American Tower by 12.7% during the second quarter. United Bank now owns 6,488 shares of the real estate investment trust’s stock valued at $1,434,000 after acquiring an additional 733 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of American Tower by 2.2% during the second quarter. Treasurer of the State of North Carolina now owns 218,511 shares of the real estate investment trust’s stock valued at $48,295,000 after acquiring an additional 4,778 shares in the last quarter. Finally, Ieq Capital LLC raised its holdings in American Tower by 52.2% in the 2nd quarter. Ieq Capital LLC now owns 34,248 shares of the real estate investment trust’s stock worth $7,570,000 after acquiring an additional 11,751 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer owned 21,428 shares of the company’s stock, valued at $3,833,254.92. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ruth T. Dowling sold 1,106 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the sale, the executive vice president owned 27,711 shares of the company’s stock, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 6,791 shares of company stock worth $1,204,091. Company insiders own 0.08% of the company’s stock.

American Tower Trading Down 0.2%

Shares of AMT stock opened at $173.07 on Tuesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $214.79. The stock has a market capitalization of $80.63 billion, a P/E ratio of 23.81, a P/E/G ratio of 2.78 and a beta of 0.90. The firm’s 50 day moving average is $175.66 and its 200 day moving average is $178.44.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were paid a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, June 12th. American Tower’s dividend payout ratio (DPR) is 98.49%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Jefferies Financial Group lowered their price objective on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Royal Bank Of Canada upgraded American Tower from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $195.00 to $205.00 in a research note on Friday, June 26th. Wolfe Research raised American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price target on the stock in a report on Wednesday, July 8th. Truist Financial increased their price objective on American Tower from $205.00 to $208.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Finally, The Goldman Sachs Group set a $210.00 price objective on American Tower in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus target price of $215.19.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.