American Tower Corporation (NYSE:AMT) Shares Sold by D.A. Davidson & CO.

D.A. Davidson & CO. cut its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 23.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,230 shares of the real estate investment trust's stock after selling 4,732 shares during the period. D.A. Davidson & CO.'s holdings in American Tower were worth $3,314,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AMT. Cohen & Steers Inc. raised its stake in American Tower by 21.8% during the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock worth $3,516,890,000 after acquiring an additional 3,437,602 shares during the period. Geode Capital Management LLC lifted its position in shares of American Tower by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust's stock valued at $2,074,956,000 after acquiring an additional 129,192 shares in the last quarter. FMR LLC boosted its stake in shares of American Tower by 5.0% in the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust's stock worth $2,050,390,000 after acquiring an additional 537,136 shares during the period. Capital Research Global Investors raised its stake in American Tower by 66.5% during the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock valued at $1,570,547,000 after purchasing an additional 3,421,413 shares during the period. Finally, Norges Bank purchased a new position in shares of American Tower in the fourth quarter worth $1,164,851,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

AMT has been the subject of several research analyst reports. Scotiabank raised their price target on American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. Barclays boosted their target price on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. JMP Securities raised their price target on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Citigroup boosted their price objective on shares of American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Finally, UBS Group lifted their price target on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, April 30th. Two equities research 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. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $240.25.

American Tower Stock Down 0.9%

Shares of AMT traded down $2.00 during mid-day trading on Monday, hitting $219.75. The company's stock had a trading volume of 1,894,852 shares, compared to its average volume of 2,505,262. The company's 50-day moving average is $216.46 and its 200-day moving average is $205.07. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The firm has a market capitalization of $102.87 billion, a price-to-earnings ratio of 56.49, a PEG 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.

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

American Tower Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.09%. American Tower's dividend payout ratio (DPR) is presently 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.