OLD National Bancorp IN Reduces Position in American Tower Co. (NYSE:AMT)

OLD National Bancorp IN lessened its stake in shares of American Tower Co. (NYSE:AMT) by 8.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,026 shares of the real estate investment trust’s stock after selling 685 shares during the period. OLD National Bancorp IN’s holdings in American Tower were worth $1,529,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AMT. Minot DeBlois Advisors LLC purchased a new stake in American Tower during the 4th quarter worth approximately $29,000. Roxbury Financial LLC purchased a new stake in shares of American Tower in the 4th quarter valued at $32,000. Graney & King LLC purchased a new stake in shares of American Tower in the 4th quarter valued at $32,000. Lowe Wealth Advisors LLC boosted its holdings in shares of 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 acquiring an additional 109 shares during the last quarter. Finally, Crowley Wealth Management Inc. purchased a new stake in shares of American Tower in the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. UBS Group upped their price objective on shares of American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Citigroup upped their price objective on shares of American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 10th. Royal Bank of Canada upped their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. JMP Securities upped their price objective on shares of American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a report on Wednesday, April 30th. Finally, Raymond James increased their price target on shares of American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, American Tower presently has an average rating of “Buy” and an average target price of $240.25.

American Tower Stock Performance

NYSE:AMT opened at $212.57 on Monday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The company has a fifty day moving average of $215.09 and a two-hundred day moving average of $202.79. The stock has a market capitalization of $99.51 billion, a PE ratio of 89.69, a P/E/G ratio of 1.29 and a beta of 0.81. American Tower Co. has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. The company had revenue of $2.56 billion during 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% on a year-over-year basis. During the same period in the prior year, the business posted $2.79 earnings per share. As a group, research analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date 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.