American Tower Co. (NYSE:AMT) Shares Acquired by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC lifted its stake in shares of American Tower Co. (NYSE:AMT) by 9.4% in the second quarter, Holdings Channel reports. The institutional investor owned 2,653 shares of the real estate investment trust’s stock after buying an additional 227 shares during the quarter. Pallas Capital Advisors LLC’s holdings in American Tower were worth $559,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AMT. Cross Staff Investments Inc lifted its stake in American Tower by 5.1% during the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after purchasing an additional 244 shares during the last quarter. Anchor Capital Advisors LLC lifted its stake in American Tower by 38.1% during the fourth 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. Meyer Handelman Co. bought a new position in American Tower during the first quarter worth $801,000. TD Asset Management Inc lifted its stake in American Tower by 23.2% during the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after purchasing an additional 51,882 shares during the last quarter. Finally, Kingsview Wealth Management LLC lifted its stake in American Tower by 13.8% during the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after purchasing an additional 4,660 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Down 0.8 %

Shares of AMT traded down $1.75 during trading hours on Wednesday, reaching $218.63. The company’s stock had a trading volume of 343,671 shares, compared to its average volume of 2,346,175. The firm has a market cap of $102.12 billion, a price-to-earnings ratio of 49.86, a P/E/G ratio of 1.48 and a beta of 0.81. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $236.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a 50 day moving average of $208.12 and a two-hundred day moving average of $196.12.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.46 EPS. As a group, research analysts predict that American Tower Co. will post 10.04 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.96%. American Tower’s dividend payout ratio is 146.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Scotiabank lifted their price objective on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 31st. BMO Capital Markets reaffirmed an “outperform” rating and set a $246.00 target price (up from $225.00) on shares of American Tower in a report on Wednesday, July 31st. Finally, Royal Bank of Canada lifted their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and a consensus target price of $231.14.

Insider Activity

In related news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a document filed with the SEC, which is available at this link. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company’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 owns 61,843 shares of the company’s stock, valued at $14,223,890. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Insiders have sold 37,227 shares of company stock worth $8,497,458 in the last 90 days. Company insiders own 0.18% of the company’s stock.

American Tower 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.