Pallas Capital Advisors LLC Purchases 227 Shares of American Tower Co. (NYSE:AMT)

Pallas Capital Advisors LLC boosted its position in shares of American Tower Co. (NYSE:AMT) by 9.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,653 shares of the real estate investment trust’s stock after purchasing an additional 227 shares during the period. Pallas Capital Advisors LLC’s holdings in American Tower were worth $559,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Dakota Wealth Management grew its stake in American Tower by 18.0% in the 2nd quarter. Dakota Wealth Management now owns 20,958 shares of the real estate investment trust’s stock worth $4,074,000 after acquiring an additional 3,199 shares in the last quarter. Continuum Advisory LLC grew its stake in American Tower by 6.4% in the 2nd quarter. Continuum Advisory LLC now owns 6,586 shares of the real estate investment trust’s stock worth $1,280,000 after acquiring an additional 395 shares in the last quarter. First Pacific Financial grew its stake in American Tower by 11.6% in the 2nd quarter. First Pacific Financial now owns 5,608 shares of the real estate investment trust’s stock worth $1,090,000 after acquiring an additional 585 shares in the last quarter. Parsons Capital Management Inc. RI lifted its position in shares of American Tower by 0.5% in the 2nd quarter. Parsons Capital Management Inc. RI now owns 33,973 shares of the real estate investment trust’s stock worth $6,604,000 after purchasing an additional 160 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its position in shares of American Tower by 0.4% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 234,772 shares of the real estate investment trust’s stock worth $45,635,000 after purchasing an additional 886 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at American Tower

In other news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other American Tower news, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Insiders have sold a total of 37,227 shares of company stock valued at $8,497,458 over the last ninety days. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

AMT has been the subject of several research reports. The Goldman Sachs Group initiated coverage on shares of American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target for the company. Wells Fargo & Company upped their price target on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upped their price target on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Scotiabank increased their target price on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 31st. Finally, Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $231.14.

American Tower Stock Performance

Shares of NYSE AMT traded down $1.75 during midday trading on Wednesday, reaching $218.63. The company had a trading volume of 343,671 shares, compared to its average volume of 2,346,175. The business’s 50-day simple moving average is $208.12 and its 200 day simple moving average is $196.12. The stock has a market cap of $102.12 billion, a P/E ratio of 49.86, a P/E/G ratio of 1.48 and a beta of 0.81. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $236.13. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.46 EPS. On average, analysts forecast that American Tower Co. will post 10.04 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s payout ratio is 146.61%.

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.