American Tower Co. (NYSE:AMT) Shares Sold by Pinebridge Investments L.P.

Pinebridge Investments L.P. trimmed its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 10.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 362,874 shares of the real estate investment trust's stock after selling 41,375 shares during the period. Pinebridge Investments L.P. owned approximately 0.08% of American Tower worth $66,555,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Cohen & Steers Inc. increased its stake 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 buying an additional 3,437,602 shares during the period. Geode Capital Management LLC raised its holdings in American Tower by 1.2% during the fourth 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 purchasing an additional 129,192 shares in the last quarter. FMR LLC lifted its position in American Tower by 5.0% in the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust's stock worth $2,050,390,000 after purchasing an additional 537,136 shares during the period. Capital Research Global Investors boosted its stake in American Tower by 66.5% during the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock valued at $1,570,547,000 after purchasing an additional 3,421,413 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of American Tower during the 4th quarter valued at $1,164,851,000. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on AMT shares. Citigroup upped their price objective on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. Barclays raised their price objective on shares of American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Mizuho dropped their target price on shares of American Tower from $221.00 to $204.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. Citizens Jmp upgraded shares of American Tower to a "strong-buy" rating in a research report on Monday, January 27th. Finally, BMO Capital Markets increased their price objective on American Tower from $210.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, American Tower has a consensus rating of "Buy" and an average price target of $233.07.

American Tower Stock Performance

AMT stock opened at $221.08 on Wednesday. The firm has a 50 day simple moving average of $209.52 and a 200 day simple moving average of $202.35. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The stock has a market cap of $103.34 billion, a P/E ratio of 93.28, a P/E/G ratio of 1.29 and a beta of 0.87. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.83. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same quarter last year, the business posted $2.29 EPS. The company's revenue for the quarter was up 3.7% on a year-over-year basis. Research analysts anticipate that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a $1.70 dividend. This is a positive change from American Tower's previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a yield of 3.08%. The ex-dividend date is Friday, April 11th. American Tower's dividend payout ratio is presently 141.37%.

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.

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