American Tower Corporation (NYSE:AMT) Shares Sold by Norden Group LLC

Norden Group LLC cut its holdings in American Tower Corporation (NYSE:AMT) by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,764 shares of the real estate investment trust’s stock after selling 252 shares during the quarter. Norden Group LLC’s holdings in American Tower were worth $1,037,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Sheaff Brock Investment Advisors LLC increased its stake in American Tower by 5.3% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 6,068 shares of the real estate investment trust’s stock valued at $1,320,000 after purchasing an additional 306 shares during the period. University of Texas Texas AM Investment Management Co. increased its stake in American Tower by 39.6% in the first quarter. University of Texas Texas AM Investment Management Co. now owns 12,259 shares of the real estate investment trust’s stock valued at $2,668,000 after purchasing an additional 3,479 shares during the period. First National Advisers LLC boosted its holdings in shares of American Tower by 1.7% in the first quarter. First National Advisers LLC now owns 12,753 shares of the real estate investment trust’s stock valued at $2,775,000 after acquiring an additional 212 shares in the last quarter. LPL Financial LLC boosted its holdings in shares of American Tower by 7.3% in the first quarter. LPL Financial LLC now owns 395,456 shares of the real estate investment trust’s stock valued at $86,051,000 after acquiring an additional 26,957 shares in the last quarter. Finally, Mitchell Sinkler & Starr PA boosted its holdings in shares of American Tower by 2.4% in the first quarter. Mitchell Sinkler & Starr PA now owns 3,254 shares of the real estate investment trust’s stock valued at $708,000 after acquiring an additional 75 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Down 2.5%

Shares of NYSE AMT opened at $224.11 on Tuesday. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The company has a market capitalization of $104.91 billion, a PE ratio of 57.61, a price-to-earnings-growth ratio of 1.27 and a beta of 0.82. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The firm’s 50-day moving average is $218.88 and its two-hundred day moving average is $209.85.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the firm earned $2.79 earnings per share. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. Equities analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, June 13th. American Tower’s dividend payout ratio (DPR) is presently 174.81%.

Analyst Ratings Changes

Several brokerages have recently weighed in on AMT. Scotiabank lifted their target price on shares of 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 price objective on shares of American Tower from $223.00 to $246.00 and gave the stock an “overweight” rating in a report on Wednesday, July 23rd. JMP Securities boosted their price objective on shares of American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a report on Wednesday, April 30th. UBS Group boosted their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company boosted their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. Two investment 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. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $242.31.

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.