Pinnacle Wealth Planning Acquires 1,101 Shares of American Tower

Pinnacle Wealth Planning Services Inc. has acquired a new position in shares of American Tower Corporation (NYSE: AMT) during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm purchased 1,101 shares of the real estate investment trust’s stock, valued at approximately $243,000.

This acquisition highlights a trend among institutional investors, as several other hedge funds have also adjusted their positions in American Tower. Notably, Hopwood Financial Services Inc. increased its holdings in American Tower by 100.0% in the first quarter, now owning 120 shares valued at $26,000. In addition, Legacy Investment Solutions LLC established a new stake in the second quarter worth roughly $31,000.

Another significant player, Rosenberg Matthew Hamilton, raised its position in American Tower by 86.0% during the second quarter, now holding 173 shares valued at $38,000. The Saudi Central Bank also acquired shares worth approximately $40,000, while Accredited Wealth Management LLC increased its stake by 180.0% in the first quarter, now owning 210 shares valued at $46,000. Currently, institutional investors and hedge funds own 92.69% of American Tower’s stock.

Stock Performance and Market Insights

On Thursday, shares of American Tower opened at $180.49, reflecting a decline of 0.6%. The company’s fifty-day moving average stands at $187.58, while its two-hundred day moving average is $204.52. American Tower maintains a debt-to-equity ratio of 3.24, a quick ratio of 0.95, and a current ratio of 0.89. Over the past year, the stock has fluctuated between a low of $172.51 and a high of $234.33. The company’s market capitalization is estimated at $84.50 billion, with a price-to-earnings ratio of 28.83 and a price-to-earnings-growth ratio of 1.08.

American Tower also announced a quarterly dividend of $1.70 per share, which was paid on October 20, 2023, to stockholders of record as of September 30, 2023. This dividend represents an annualized amount of $6.80 and reflects a yield of 3.8%, although the company’s dividend payout ratio is currently 108.63%.

Analysts’ Ratings and Insights

Recent evaluations from equity analysts regarding American Tower have indicated a range of opinions. Weiss Ratings reaffirmed a “hold (c)” rating on October 13, 2023. Meanwhile, The Goldman Sachs Group reduced its price target on American Tower from $250.00 to $230.00 while maintaining a “buy” rating. Similarly, Wells Fargo & Company lowered its target price from $210.00 to $200.00 and retained an “overweight” rating.

On October 29, BMO Capital Markets set a new price target of $215.00, down from $220.00, while still assigning an “outperform” rating. Additionally, Jefferies Financial Group revised its target from $281.00 to $226.00 and set a “buy” rating. Currently, two analysts rate the stock as a Strong Buy, thirteen as Buy, and five as Hold. According to data from MarketBeat.com, the average rating for the company stands at “Moderate Buy” with an average price target of $228.44.

In related news, Director Eugene F. Reilly purchased 5,554 shares of American Tower stock on October 31, 2023, at an average price of $178.99 per share, totaling approximately $994,110.46. Following this transaction, Reilly directly owns 5,689 shares valued at around $1,018,274.11, representing a substantial increase of 4,114.07% in his position. Currently, insiders hold 0.18% of the company’s stock.

American Tower Corporation is recognized as one of the largest global real estate investment trusts (REITs), specializing in the ownership, operation, and development of multitenant communications real estate. The company boasts a portfolio that includes over 224,000 communications sites and a robust network of U.S. data center facilities.