Pinnacle Associates Ltd. Buys 659 Shares of American Tower Co. (NYSE:AMT)

Pinnacle Associates Ltd. increased its stake 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 (SEC). The firm owned 4,437 shares of the real estate investment trust’s stock after buying an additional 659 shares during the period. Pinnacle Associates Ltd.’s holdings in American Tower were worth $958,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AMT. Moneta Group Investment Advisors LLC raised its holdings in shares of American Tower by 101,474.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock valued at $2,219,094,000 after acquiring an additional 10,464,030 shares in the last quarter. Norges Bank purchased a new stake in shares of American Tower during the fourth quarter valued at about $1,008,567,000. Cohen & Steers Inc. boosted its holdings in shares of American Tower by 44.2% in the 2nd quarter. Cohen & Steers Inc. now owns 9,842,980 shares of the real estate investment trust’s stock valued at $1,908,844,000 after buying an additional 3,016,160 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of American Tower by 2,329.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 1,329,779 shares of the real estate investment trust’s stock worth $218,682,000 after buying an additional 1,275,052 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of American Tower by 15.4% in the 4th quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock worth $1,532,063,000 after buying an additional 962,800 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Barclays raised their target price on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. BMO Capital Markets dropped their target price on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. lowered their price target on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Finally, HSBC initiated coverage on shares of American Tower in a report on Thursday, December 14th. They set a “buy” rating and a $245.00 price objective on the stock. Two equities 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $215.90.

Check Out Our Latest Stock Report on American Tower

American Tower Stock Performance

AMT opened at $192.18 on Wednesday. The firm has a 50 day moving average of $195.73 and a two-hundred day moving average of $192.53. The firm has a market capitalization of $89.62 billion, a PE ratio of 60.43, a P/E/G ratio of 1.34 and a beta of 0.67. 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 Co. has a 12-month low of $154.58 and a 12-month high of $219.10.

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

American Tower Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.37%. The ex-dividend date is Thursday, April 11th. 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

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Co. (NYSE:AMTFree Report).

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

Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.