Pine Valley Investments Ltd Liability Co Sells 4,645 Shares of American Tower Corporation $AMT

by · The Markets Daily

Pine Valley Investments Ltd Liability Co reduced its position in shares of American Tower Corporation (NYSE:AMT – Free Report) by 33.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,430 shares of the real estate investment trust’s stock after selling 4,645 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in American Tower were worth $1,627,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Richards Merrill & Peterson Inc. bought a new stake in American Tower in the 4th quarter worth $25,000. Oakworth Capital Inc. raised its stake in shares of American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 68 shares during the last quarter. Swiss RE Ltd. bought a new position in shares of American Tower during the fourth quarter valued at about $25,000. Triumph Capital Management purchased a new stake in shares of American Tower during the third quarter worth about $29,000. Finally, Acumen Wealth Advisors LLC bought a new stake in shares of American Tower in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

AMT stock opened at $173.07 on Tuesday. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $214.79. The firm has a 50-day moving average of $175.66 and a 200 day moving average of $178.44. The company has a market cap of $80.63 billion, a P/E ratio of 23.81, a PEG ratio of 2.78 and a beta of 0.90.

American Tower Announces Dividend

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

Analyst Ratings Changes

A number of brokerages recently issued reports on AMT. Royal Bank Of Canada upgraded American Tower from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $195.00 to $205.00 in a report on Friday, June 26th. TD Cowen lifted their price objective on American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. reduced their target price on American Tower from $245.00 to $240.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Scotiabank restated an “outperform” rating on shares of American Tower in a report on Wednesday, July 29th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $240.00 price target on shares of American Tower in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $215.19.

Check Out Our Latest Stock Report on American Tower

Insider Activity at American Tower

In other American Tower news, EVP Ruth T. Dowling sold 1,106 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the transaction, the executive vice president owned 27,711 shares in the company, valued at approximately $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total value of $894,450.00. Following the transaction, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at $3,833,254.92. This represents a 18.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,791 shares of company stock valued at $1,204,091 in the last three months. Corporate insiders own 0.08% of the company’s stock.

American Tower Company Profile

(Free Report)

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.

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