American Tower Corporation (NYSE:AMT) Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. trimmed its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 41.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 81,259 shares of the real estate investment trust's stock after selling 58,400 shares during the period. Bridges Investment Management Inc.'s holdings in American Tower were worth $17,682,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Partners Group Holding AG increased its stake in shares of American Tower by 8.3% during the fourth quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust's stock worth $69,438,000 after buying an additional 28,988 shares during the period. Aviva PLC increased its stake in shares of American Tower by 13.4% during the fourth quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust's stock worth $71,252,000 after buying an additional 46,009 shares during the period. Golden State Wealth Management LLC increased its stake in shares of American Tower by 23.0% during the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after buying an additional 69 shares during the period. Shum Financial Group Inc. increased its stake in American Tower by 3.5% in the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after purchasing an additional 141 shares during the last quarter. Finally, Mariner LLC increased its stake in American Tower by 30.9% in the fourth quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock valued at $66,585,000 after purchasing an additional 85,693 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of AMT traded down $0.70 during mid-day trading on Thursday, reaching $221.13. 1,459,191 shares of the company's stock were exchanged, compared to its average volume of 2,507,390. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The business's fifty day simple moving average is $216.48 and its 200-day simple moving average is $205.79. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The stock has a market capitalization of $103.52 billion, a PE ratio of 56.85, a price-to-earnings-growth ratio of 1.65 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period last year, the company earned $2.79 earnings per share. The company's revenue for the quarter was down 9.6% on a year-over-year basis. On average, equities research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio is presently 174.81%.

Analysts Set New Price Targets

AMT has been the topic of several recent analyst reports. Bank of America initiated coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. Raymond James Financial increased their price target on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price target on the stock. Wells Fargo & Company increased their price target on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Finally, JMP Securities increased their price target on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $240.88.

American Tower 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.