Pacer Advisors Inc. Trims Stock Position in American Tower Corporation $AMT

Pacer Advisors Inc. trimmed its stake in American Tower Corporation (NYSE:AMT) by 7.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 317,687 shares of the real estate investment trust’s stock after selling 27,111 shares during the period. Pacer Advisors Inc. owned approximately 0.07% of American Tower worth $54,826,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Richards Merrill & Peterson Inc. acquired a new position in American Tower in the fourth quarter valued at $25,000. Oakworth Capital Inc. increased its position 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 worth $25,000 after purchasing an additional 68 shares in the last quarter. Swiss RE Ltd. purchased a new stake in shares of American Tower in the 4th quarter valued at about $25,000. Triumph Capital Management acquired a new stake in shares of American Tower in the 3rd quarter valued at about $29,000. Finally, Acumen Wealth Advisors LLC purchased a new position in American Tower during the 4th quarter worth approximately $29,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Trading Down 0.2%

Shares of AMT stock opened at $173.07 on Tuesday. The company has a market capitalization of $80.63 billion, a P/E ratio of 23.81, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. The business’s 50 day moving average is $175.66 and its two-hundred day moving average is $178.44. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $214.79.

American Tower Dividend Announcement

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

Insider Buying and Selling at American Tower

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on AMT shares. The Goldman Sachs Group set a $210.00 price target on American Tower in a research report on Tuesday, July 28th. Truist Financial raised their target price on shares of American Tower from $205.00 to $208.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Barclays cut their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, April 16th. Mizuho upgraded shares of American Tower from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $189.00 to $205.00 in a research note on Wednesday, April 15th. Finally, Jefferies Financial Group lowered their price objective on shares of American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $215.19.

About American Tower

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.