Pine Valley Investments Ltd Liability Co Sells 242 Shares of American Tower Co. (NYSE:AMT)

Pine Valley Investments Ltd Liability Co lessened its stake in American Tower Co. (NYSE:AMT) by 2.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,173 shares of the real estate investment trust’s stock after selling 242 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in American Tower were worth $2,366,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in American Tower by 25.4% during the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after purchasing an additional 2,152,646 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of American Tower by 41.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after buying an additional 1,885,421 shares during the period. Adelante Capital Management LLC increased its position in shares of American Tower by 2,723.4% in the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock valued at $279,890,000 after buying an additional 1,160,890 shares in the last quarter. Pathway Financial Advisers LLC raised its stake in American Tower by 23,224.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock worth $231,941,000 after buying an additional 993,061 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in American Tower by 22,242.7% during the third quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock worth $1,811,330,000 after acquiring an additional 775,379 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $197.86 on Friday. The firm has a market capitalization of $92.46 billion, a P/E ratio of 83.49, a price-to-earnings-growth ratio of 1.33 and a beta of 0.83. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm’s fifty day moving average price is $211.56 and its two-hundred day moving average price is $213.27. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56.

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 net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the company posted $2.58 earnings per share. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, research analysts anticipate that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be given a $1.62 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.28%. American Tower’s payout ratio is 273.42%.

Analyst Ratings Changes

AMT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Royal Bank of Canada upped their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Scotiabank reduced their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Finally, BMO Capital Markets cut their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Four investment 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’s stock. According to MarketBeat, American Tower presently has an average rating of “Moderate Buy” and an average target price of $235.85.

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.