Pathway Financial Advisers LLC Acquires 993,061 Shares of American Tower Co. (NYSE:AMT)

Pathway Financial Advisers LLC raised its position in American Tower Co. (NYSE:AMT - Free Report) by 23,224.1% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 997,337 shares of the real estate investment trust's stock after buying an additional 993,061 shares during the period. American Tower comprises approximately 1.5% of Pathway Financial Advisers LLC's holdings, making the stock its 18th largest holding. Pathway Financial Advisers LLC owned about 0.21% of American Tower worth $231,941,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arkadios Wealth Advisors increased its stake in shares of American Tower by 4.0% in the 3rd quarter. Arkadios Wealth Advisors now owns 1,737 shares of the real estate investment trust's stock valued at $404,000 after acquiring an additional 67 shares during the last quarter. Forsta AP Fonden increased its stake in American Tower by 6.8% in the third quarter. Forsta AP Fonden now owns 117,000 shares of the real estate investment trust's stock valued at $27,210,000 after purchasing an additional 7,400 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in American Tower by 9.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,499 shares of the real estate investment trust's stock worth $11,170,000 after purchasing an additional 4,040 shares during the period. Elwood & Goetz Wealth Advisory Group LLC bought a new position in shares of American Tower during the third quarter worth $248,000. Finally, BayBridge Capital Group LLC acquired a new position in shares of American Tower in the 3rd quarter valued at $1,197,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares of the company's stock, valued at $7,424,177.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares of the company's stock, valued at $7,424,177.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on AMT shares. Barclays lifted their target price on American Tower from $223.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Scotiabank increased their price objective on shares of American Tower from $223.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 31st. Mizuho increased their target price on American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a report on Thursday, September 12th. TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the stock a "buy" rating in a report on Wednesday, July 31st. Finally, BMO Capital Markets boosted their target price on American Tower from $246.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, September 13th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $237.92.

American Tower Stock Performance

NYSE AMT traded down $3.13 during trading on Friday, reaching $222.80. 2,054,209 shares of the company's stock were exchanged, compared to its average volume of 2,271,894. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The business has a 50 day moving average price of $228.80 and a 200-day moving average price of $207.56. The stock has a market capitalization of $104.04 billion, a P/E ratio of 50.41, a PEG ratio of 1.08 and a beta of 0.83. American Tower Co. has a fifty-two week low of $162.55 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly 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). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the company posted $2.46 EPS. The firm's quarterly revenue was up 4.7% on a year-over-year basis. Sell-side analysts forecast that American Tower Co. will post 10.12 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower's dividend payout ratio is currently 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.