Principle Wealth Partners LLC Sells 1,225 Shares of American Tower Corporation (NYSE:AMT)

Principle Wealth Partners LLC reduced its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 29.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,937 shares of the real estate investment trust's stock after selling 1,225 shares during the quarter. Principle Wealth Partners LLC's holdings in American Tower were worth $639,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AMT. Aviva PLC increased its position 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 acquiring an additional 46,009 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in shares of American Tower by 23.0% during the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after buying an additional 69 shares in the last quarter. Shum Financial Group Inc. boosted its position in shares of 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 acquiring an additional 141 shares during the period. Mariner LLC lifted its stake in American Tower by 30.9% in the 4th quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock worth $66,585,000 after purchasing an additional 85,693 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc lifted its stake in American Tower by 13.3% in the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after purchasing an additional 27,194 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Price Performance

NYSE:AMT traded down $1.49 during trading hours on Friday, reaching $229.75. The stock had a trading volume of 1,031,210 shares, compared to its average volume of 1,726,093. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a 50 day moving average price of $218.70 and a two-hundred day moving average price of $209.08. The stock has a market capitalization of $107.55 billion, a PE ratio of 59.06, a PEG ratio of 1.27 and a beta of 0.82.

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 firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business's quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.79 EPS. As a group, sell-side analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 13th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's payout ratio is currently 174.81%.

Analysts Set New Price Targets

AMT has been the subject of several recent research reports. Wells Fargo & Company boosted their price target 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. Bank of America started coverage on American Tower in a research note on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. UBS Group raised their price target on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. JMP Securities lifted their price objective on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. Finally, Morgan Stanley began coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target on the stock. Two 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. According to data from MarketBeat.com, American Tower presently has an average rating of "Buy" and an average target price of $242.31.

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.