Avanza Fonder AB Cuts Stock Holdings in American Tower Co. (NYSE:AMT)

Avanza Fonder AB reduced its stake in American Tower Co. (NYSE:AMT - Free Report) by 12.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 31,079 shares of the real estate investment trust's stock after selling 4,558 shares during the quarter. Avanza Fonder AB's holdings in American Tower were worth $6,772,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in American Tower by 9.0% in the first quarter. GAMMA Investing LLC now owns 7,821 shares of the real estate investment trust's stock valued at $1,702,000 after acquiring an additional 648 shares during the last quarter. Wealthcare Advisory Partners LLC raised its holdings in shares of American Tower by 5.1% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 2,932 shares of the real estate investment trust's stock worth $638,000 after purchasing an additional 143 shares during the period. Signet Financial Management LLC lifted its stake in American Tower by 24.4% in the first quarter. Signet Financial Management LLC now owns 6,898 shares of the real estate investment trust's stock valued at $1,501,000 after purchasing an additional 1,351 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in American Tower by 43.2% during the first quarter. Farther Finance Advisors LLC now owns 3,233 shares of the real estate investment trust's stock valued at $710,000 after purchasing an additional 975 shares during the period. Finally, City Holding Co. purchased a new stake in American Tower in the first quarter worth $39,000. Institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Citigroup upped their price target on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Morgan Stanley assumed coverage on shares of American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price objective on the stock. Wells Fargo & Company lifted their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Hsbc Global Res upgraded shares of American Tower to a "strong-buy" rating in a research note on Thursday, February 27th. Finally, UBS Group raised their price target on American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $240.25.

American Tower Trading Down 0.2%

AMT traded down $0.33 during midday trading on Wednesday, reaching $214.28. 1,577,863 shares of the company's stock traded hands, compared to its average volume of 2,490,653. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a fifty day moving average of $214.72 and a two-hundred day moving average of $202.93. The stock has a market capitalization of $100.31 billion, a price-to-earnings ratio of 90.41, a P/E/G ratio of 1.29 and a beta of 0.81.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the business earned $2.79 EPS. The company's revenue for the quarter was down 9.6% on a year-over-year basis. On average, equities analysts anticipate that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 174.81%.

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.