World Investment Advisors Reduces Stake in American Tower Corporation (NYSE:AMT)

World Investment Advisors cut its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 29.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,090 shares of the real estate investment trust's stock after selling 1,683 shares during the quarter. World Investment Advisors' holdings in American Tower were worth $890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Cohen & Steers Inc. raised its position 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 valued at $3,516,890,000 after purchasing an additional 3,437,602 shares during the last quarter. Geode Capital Management LLC raised its position in shares of American Tower by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust's stock worth $2,074,956,000 after acquiring an additional 129,192 shares in the last quarter. FMR LLC raised its position in shares of American Tower by 5.0% in the 4th 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 in the last quarter. Capital Research Global Investors raised its position in shares of American Tower by 66.5% in the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock worth $1,570,547,000 after acquiring an additional 3,421,413 shares in the last quarter. Finally, Norges Bank bought a new position in shares of American Tower in the 4th quarter worth approximately $1,164,851,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Royal Bank Of Canada increased their target price on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. UBS Group increased their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday. Scotiabank increased their target price on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. JMP Securities increased their target price 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. Finally, Barclays increased their target price on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $240.88.

American Tower Stock Down 0.9%

Shares of American Tower stock traded down $1.96 on Friday, reaching $219.05. The company's stock had a trading volume of 1,358,450 shares, compared to its average volume of 2,504,864. The company has a market capitalization of $102.55 billion, a price-to-earnings ratio of 56.31, a P/E/G ratio of 1.63 and a beta of 0.82. The firm's fifty day simple moving average is $216.39 and its two-hundred day simple moving average is $206.03. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. 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 (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping analysts' consensus estimates of $2.41 by $0.34. The business 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%. The company's quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.79 EPS. Equities analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's payout ratio 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.