Bridges Investment Management Inc. Has $14.82 Million Position in American Tower Co. (NYSE:AMT)

Bridges Investment Management Inc. reduced its stake in American Tower Co. (NYSE:AMTFree Report) by 8.4% during the fourth quarter, HoldingsChannel reports. The firm owned 68,650 shares of the real estate investment trust’s stock after selling 6,315 shares during the quarter. Bridges Investment Management Inc.’s holdings in American Tower were worth $14,820,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC boosted its position in American Tower by 101,474.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock worth $2,219,094,000 after buying an additional 10,464,030 shares during the period. Norges Bank acquired a new stake in American Tower during the 4th quarter worth approximately $1,008,567,000. Cohen & Steers Inc. boosted its position in American Tower by 44.2% during the 2nd quarter. Cohen & Steers Inc. now owns 9,842,980 shares of the real estate investment trust’s stock worth $1,908,844,000 after buying an additional 3,016,160 shares during the period. Daiwa Securities Group Inc. boosted its position in American Tower by 2,329.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,329,779 shares of the real estate investment trust’s stock worth $218,682,000 after buying an additional 1,275,052 shares during the period. Finally, Morgan Stanley boosted its position in American Tower by 15.4% during the 4th quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock worth $1,532,063,000 after buying an additional 962,800 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the sale, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now directly owns 62,969 shares in the company, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. HSBC started coverage on shares of American Tower in a report on Thursday, December 14th. They set a “buy” rating and a $245.00 price target for the company. BMO Capital Markets lowered their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Barclays raised their price target on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. Finally, JPMorgan Chase & Co. lowered their price target on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average price target of $215.90.

Read Our Latest Stock Analysis on AMT

American Tower Stock Performance

NYSE:AMT opened at $194.04 on Thursday. The company has a fifty day moving average of $195.44 and a 200-day moving average of $192.61. The firm has a market capitalization of $90.49 billion, a P/E ratio of 60.47, a P/E/G ratio of 1.33 and a beta of 0.67. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10.

American Tower (NYSE:AMTGet Free Report) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($1.16). The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.34 EPS. As a group, sell-side analysts anticipate that American Tower Co. will post 10.08 EPS for the current year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.34%. American Tower’s dividend payout ratio is currently 213.84%.

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.

See Also

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Co. (NYSE:AMTFree Report).

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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