Bridges Investment Management Inc. Sells 8,412 Shares of American Tower Co. (NYSE:AMT)

Bridges Investment Management Inc. reduced its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 5.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 139,659 shares of the real estate investment trust's stock after selling 8,412 shares during the period. Bridges Investment Management Inc.'s holdings in American Tower were worth $25,615,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AMT. FMR LLC increased its holdings in shares of American Tower by 25.4% in the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust's stock worth $2,474,934,000 after buying an additional 2,152,646 shares during the period. Adelante Capital Management LLC increased its stake in American Tower by 2,723.4% in the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust's stock worth $279,890,000 after purchasing an additional 1,160,890 shares during the period. State Street Corp lifted its position in American Tower by 3.1% in the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust's stock valued at $4,924,091,000 after purchasing an additional 635,726 shares during the last quarter. KBC Group NV boosted its stake in shares of American Tower by 270.4% during the third quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust's stock valued at $108,553,000 after purchasing an additional 340,742 shares during the period. Finally, Brookfield Corp ON grew its holdings in shares of American Tower by 88.3% in the third quarter. Brookfield Corp ON now owns 710,725 shares of the real estate investment trust's stock worth $165,286,000 after purchasing an additional 333,209 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Up 0.9 %

NYSE:AMT traded up $1.89 during mid-day trading on Wednesday, hitting $209.01. 1,969,613 shares of the company's stock were exchanged, compared to its average volume of 2,220,900. The company has a market cap of $97.67 billion, a PE ratio of 88.19, a P/E/G ratio of 1.29 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The business has a fifty day moving average price of $188.05 and a 200 day moving average price of $206.43.

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

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, December 27th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Friday, December 27th. American Tower's dividend payout ratio (DPR) is currently 134.72%.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares of the company's stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.18% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Citizens Jmp raised shares of American Tower to a "strong-buy" rating in a research report on Monday, January 27th. Scotiabank cut their target price on American Tower from $236.00 to $220.00 and set a "sector outperform" rating on the stock in a research note on Thursday, January 23rd. Citigroup lowered their price target on American Tower from $255.00 to $220.00 and set a "buy" rating for the company in a research report on Friday, February 14th. The Goldman Sachs Group dropped their price objective on American Tower from $260.00 to $234.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Finally, Barclays decreased their target price on American Tower from $215.00 to $214.00 and set an "overweight" rating for the company in a report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $225.21.

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.