Bridges Investment Management Inc. lessened its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 41.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 institutional investors and hedge funds also recently added to or reduced their stakes in the company. North Capital Inc. bought a new position in American Tower during the 1st quarter valued at approximately $25,000. Minot DeBlois Advisors LLC bought a new position in American Tower during the 4th quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in American Tower during the 1st quarter valued at approximately $31,000. Graney & King LLC bought a new position in American Tower during the 4th quarter valued at approximately $32,000. Finally, Lowe Wealth Advisors LLC increased its position in 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 valued at $35,000 after buying an additional 109 shares in the last quarter. Institutional investors own 92.69% of the company's stock.
American Tower Stock Performance
NYSE AMT traded down $1.96 on Friday, hitting $219.05. 1,358,450 shares of the company traded hands, compared to its average volume of 2,502,813. The company has a market capitalization of $102.55 billion, a price-to-earnings ratio of 56.31, a P/E/G ratio of 1.65 and a beta of 0.82. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. The business's 50 day moving average price is $216.48 and its 200-day moving average price is $205.79. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56.
American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. American Tower's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.79 earnings per share. Equities analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.
American Tower Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.10%. American Tower's dividend payout ratio (DPR) is 174.81%.
Analysts Set New Price Targets
A number of analysts have commented on the company. Wells Fargo & Company lifted their target price on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Bank of America assumed coverage on American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. JMP Securities lifted their target price on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. Barclays lifted their target price on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Finally, UBS Group lifted their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $240.88.
Check Out Our Latest Report on American Tower
American Tower Company Profile
(
Free Report)
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.
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