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

Pallas Capital Advisors LLC boosted its stake in shares of American Tower Co. (NYSE:AMT) by 2.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,602 shares of the real estate investment trust’s stock after purchasing an additional 67 shares during the quarter. Pallas Capital Advisors LLC’s holdings in American Tower were worth $477,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC grew its position in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 78 shares during the last quarter. Fairscale Capital LLC acquired a new position in American Tower during the 2nd quarter valued at about $27,000. Northwest Investment Counselors LLC bought a new position in American Tower in the 3rd quarter worth about $30,000. Hara Capital LLC acquired a new stake in shares of American Tower in the third quarter valued at approximately $31,000. Finally, Legacy Investment Solutions LLC bought a new stake in shares of American Tower during the third quarter valued at approximately $34,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Trading Up 1.2 %

Shares of NYSE:AMT opened at $178.99 on Wednesday. The stock has a market capitalization of $83.64 billion, a price-to-earnings ratio of 75.52, a PEG ratio of 1.31 and a beta of 0.84. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The company has a 50 day moving average price of $193.58 and a 200 day moving average price of $211.68. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same quarter in the previous year, the firm earned $2.58 earnings per share. The business’s revenue was down 10.5% compared to the same quarter last year. On average, research analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s dividend payout ratio is presently 273.42%.

Wall Street Analyst Weigh In

AMT has been the topic of several analyst reports. BMO Capital Markets lowered their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Mizuho lowered their target price on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group dropped their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $230.67.

American Tower Company 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.