American Tower Co. (NYSE:AMT) Holdings Reduced by Pinnacle Wealth Management Group Inc.

Pinnacle Wealth Management Group Inc. decreased its holdings in American Tower Co. (NYSE:AMT) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,385 shares of the real estate investment trust’s stock after selling 50 shares during the quarter. Pinnacle Wealth Management Group Inc.’s holdings in American Tower were worth $519,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Partners Group Holding AG boosted its stake in shares of American Tower by 8.3% during the 4th quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust’s stock valued at $69,438,000 after buying an additional 28,988 shares during the period. TigerOak Management L.L.C. bought a new stake in American Tower during the fourth quarter worth approximately $1,102,000. Aviva PLC boosted its holdings in American Tower by 13.4% during the fourth quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust’s stock valued at $71,252,000 after acquiring an additional 46,009 shares during the period. LGT Group Foundation boosted its stake in American Tower by 16.9% during the 4th quarter. LGT Group Foundation now owns 42,608 shares of the real estate investment trust’s stock valued at $7,815,000 after purchasing an additional 6,165 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of American Tower in the fourth quarter valued at approximately $193,246,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of American Tower stock opened at $216.14 on Friday. The firm has a fifty day moving average of $215.23 and a two-hundred day moving average of $202.70. The stock has a market capitalization of $101.18 billion, a price-to-earnings ratio of 91.20, a PEG ratio of 1.29 and a beta of 0.82. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. 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 released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.79 earnings per share. As a group, equities research analysts predict that American Tower Co. will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s payout ratio is presently 174.81%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AMT shares. Morgan Stanley started coverage on American Tower in a research report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 target price for the company. Wells Fargo & Company raised their price target on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 30th. Bank of America initiated coverage on shares of American Tower in a research note on Monday, May 19th. They set a “buy” rating and a $255.00 price target for the company. UBS Group raised their target price on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Finally, BMO Capital Markets lifted their price objective on American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $240.25.

About American Tower

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.