Bridges Investment Management Inc. Sells 58,400 Shares of American Tower Corporation (NYSE:AMT)

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

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. North Capital Inc. bought a new stake in shares of American Tower in the first quarter worth $25,000. Minot DeBlois Advisors LLC acquired a new stake in American Tower in the 4th quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in American Tower during the 1st quarter worth about $31,000. Graney & King LLC bought a new stake in American Tower during the 4th quarter worth about $32,000. Finally, Lowe Wealth Advisors LLC boosted its stake in shares of American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

AMT has been the topic of several analyst reports. UBS Group upped their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday. Wells Fargo & Company upped their price objective on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Raymond James Financial increased their price objective on American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a report on Wednesday, April 30th. Scotiabank boosted their target price on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Finally, Royal Bank Of Canada increased their price target on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, American Tower presently has an average rating of "Buy" and an average target price of $240.88.

American Tower Stock Performance

Shares of American Tower stock traded up $0.92 on Wednesday, hitting $221.62. The stock had a trading volume of 1,712,846 shares, compared to its average volume of 2,507,859. The stock has a market cap of $103.75 billion, a price-to-earnings ratio of 56.97, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The business's 50 day moving average is $216.63 and its two-hundred day moving average is $205.42.

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, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the firm posted $2.79 EPS. The company's revenue for the quarter was down 9.6% on a year-over-year basis. Analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio (DPR) is 174.81%.

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.