First Pacific Financial Sells 141 Shares of American Tower Co. (NYSE:AMT)

First Pacific Financial reduced its stake in shares of American Tower Co. (NYSE:AMT) by 2.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 5,467 shares of the real estate investment trust’s stock after selling 141 shares during the period. First Pacific Financial’s holdings in American Tower were worth $1,271,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the first quarter valued at approximately $25,000. Cultivar Capital Inc. purchased a new position in American Tower in the second quarter valued at approximately $25,000. Fairscale Capital LLC purchased a new position in American Tower in the second quarter valued at approximately $27,000. Hobbs Group Advisors LLC purchased a new position in American Tower in the second quarter valued at approximately $29,000. Finally, SOA Wealth Advisors LLC. purchased a new position in American Tower in the first quarter valued at approximately $30,000. 92.69% of the stock is owned by institutional investors.

American Tower Price Performance

Shares of AMT stock traded up $7.81 on Tuesday, reaching $229.51. The company’s stock had a trading volume of 2,309,767 shares, compared to its average volume of 2,289,686. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower Co. has a 12-month low of $157.25 and a 12-month high of $243.56. The company has a market capitalization of $107.18 billion, a P/E ratio of 51.88, a PEG ratio of 1.00 and a beta of 0.83. The stock’s 50 day simple moving average is $228.48 and its 200-day simple moving average is $205.68.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.46 EPS. As a group, equities analysts predict that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a $1.62 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.82%. American Tower’s dividend payout ratio is presently 146.61%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AMT. Barclays upped their price objective on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. upped their price objective on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Mizuho increased their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Finally, Royal Bank of Canada increased their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $235.21.

Insider Activity

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is currently owned by insiders.

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.