American Tower Co. (NYSE:AMT) Shares Sold by Sonora Investment Management Group LLC

Sonora Investment Management Group LLC lowered its stake in American Tower Co. (NYSE:AMT) by 5.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,131 shares of the real estate investment trust’s stock after selling 278 shares during the period. Sonora Investment Management Group LLC’s holdings in American Tower were worth $1,117,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Lowe Wealth Advisors LLC increased its stake in American Tower by 218.0% in 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 during the period. Minot DeBlois Advisors LLC acquired a new position in shares of American Tower during the fourth quarter worth about $29,000. Graney & King LLC purchased a new position in American Tower during the fourth quarter worth about $32,000. Roxbury Financial LLC acquired a new stake in American Tower in the fourth quarter valued at about $32,000. Finally, City Holding Co. purchased a new stake in American Tower in the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on AMT shares. BMO Capital Markets raised their price target on American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Scotiabank raised their target price on American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, April 30th. Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Citigroup upped their price target on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, Wells Fargo & Company raised their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Two 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. According to MarketBeat, American Tower presently has a consensus rating of “Buy” and an average target price of $240.25.

American Tower Stock Up 0.1%

AMT opened at $212.81 on Tuesday. The business’s fifty day simple moving average is $215.00 and its 200 day simple moving average is $202.85. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. The firm has a market cap of $99.62 billion, a P/E ratio of 89.79, a PEG ratio of 1.29 and a beta of 0.81. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period last year, the company earned $2.79 EPS. As a group, equities research analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s dividend payout ratio (DPR) 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.