Principal Financial Group Inc. Sells 2,633,241 Shares of American Tower Co. (NYSE:AMT)

Principal Financial Group Inc. decreased its stake in shares of American Tower Co. (NYSE:AMT - Free Report) by 30.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,142,373 shares of the real estate investment trust's stock after selling 2,633,241 shares during the quarter. American Tower comprises about 0.8% of Principal Financial Group Inc.'s portfolio, making the stock its 23rd biggest holding. Principal Financial Group Inc. owned about 1.32% of American Tower worth $1,428,455,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. NBT Bank N A NY lifted its holdings in American Tower by 3.3% during the 2nd quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust's stock valued at $329,000 after purchasing an additional 54 shares during the last quarter. CX Institutional boosted its holdings in shares of American Tower by 2.9% during the 3rd quarter. CX Institutional now owns 1,933 shares of the real estate investment trust's stock worth $450,000 after buying an additional 54 shares during the period. O Brien Greene & Co. Inc raised its holdings in American Tower by 2.3% in the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust's stock valued at $481,000 after acquiring an additional 55 shares during the period. CFO4Life Group LLC lifted its position in American Tower by 5.4% during the first quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust's stock worth $221,000 after acquiring an additional 57 shares during the last quarter. Finally, Palumbo Wealth Management LLC boosted its holdings in shares of American Tower by 1.6% during the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust's stock worth $864,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Price Performance

AMT stock traded up $0.49 during trading on Thursday, reaching $197.96. 3,482,764 shares of the company were exchanged, compared to its average volume of 2,301,858. 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 twelve month low of $170.46 and a twelve month high of $243.56. The company has a market capitalization of $92.46 billion, a price-to-earnings ratio of 83.30, a P/E/G ratio of 1.48 and a beta of 0.84. The company has a 50-day moving average of $227.07 and a two-hundred day moving average of $209.71.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the business posted $2.58 earnings per share. American Tower's revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower's dividend payout ratio is currently 273.42%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on American Tower from $240.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, September 23rd. Barclays lifted their price objective on shares of American Tower from $223.00 to $255.00 and gave the stock an "overweight" rating in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft increased their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the company a "neutral" rating in a research note on Thursday, September 12th. Finally, StockNews.com lowered American Tower from a "buy" rating to a "hold" rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $235.85.

American Tower Company Profile

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.