Pallas Capital Advisors LLC Cuts Stock Position in American Tower Co. (NYSE:AMT)

Pallas Capital Advisors LLC decreased its position in shares of American Tower Co. (NYSE:AMT) by 4.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,535 shares of the real estate investment trust’s stock after selling 118 shares during the period. Pallas Capital Advisors LLC’s holdings in American Tower were worth $573,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Fairscale Capital LLC acquired a new stake in shares of American Tower in the 2nd quarter worth $27,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the third quarter valued at about $30,000. Cultivar Capital Inc. acquired a new stake in American Tower in the second quarter worth about $25,000. Hobbs Group Advisors LLC acquired a new position in shares of American Tower during the second quarter valued at about $29,000. Finally, Family Firm Inc. purchased a new position in shares of American Tower in the 2nd quarter valued at approximately $35,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at American Tower

In related news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock valued at $7,795,397 over the last quarter. 0.18% of the stock is currently owned by insiders.

American Tower Stock Up 0.4 %

Shares of AMT opened at $213.70 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The firm has a market cap of $99.82 billion, a P/E ratio of 40.17, a PEG ratio of 1.09 and a beta of 0.83. The stock’s 50 day moving average is $228.58 and its two-hundred day moving average is $208.42. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the previous year, the firm posted $2.58 EPS. American Tower’s revenue was down 10.5% compared to the same quarter last year. Analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.03%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is 121.80%.

Analysts Set New Price Targets

A number of research analysts have issued reports on AMT shares. Mizuho upped their price target on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a report on Wednesday. Royal Bank of Canada upped their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Scotiabank cut their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday. Finally, BMO Capital Markets decreased their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.85.

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.