First Financial Corp IN Sells 608 Shares of American Tower Co. (NYSE:AMT)

First Financial Corp IN lowered its position in shares of American Tower Co. (NYSE:AMT) by 15.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,423 shares of the real estate investment trust’s stock after selling 608 shares during the period. First Financial Corp IN’s holdings in American Tower were worth $745,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cohen & Steers Inc. increased its position in shares of American Tower by 21.8% during the fourth 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 acquiring an additional 3,437,602 shares in the last quarter. Geode Capital Management LLC increased its position in shares of 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 valued at $2,074,956,000 after acquiring an additional 129,192 shares in the last quarter. FMR LLC increased its position in shares of American Tower by 5.0% during the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock valued at $2,050,390,000 after acquiring an additional 537,136 shares in the last quarter. Capital Research Global Investors increased its position in shares of American Tower by 66.5% during the fourth 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 acquiring an additional 3,421,413 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of American Tower during the fourth quarter valued at approximately $1,164,851,000. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Down 0.2%

AMT opened at $214.12 on Tuesday. 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 Co. has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The firm’s fifty day moving average is $215.29 and its 200 day moving average is $202.42. The stock has a market cap of $100.24 billion, a price-to-earnings ratio of 90.35, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company earned $2.79 EPS. American Tower’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, sell-side analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Friday, June 13th. American Tower’s dividend payout ratio (DPR) is 174.81%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. BMO Capital Markets raised their price target on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. UBS Group raised their price target on shares of American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Bank of America initiated coverage on shares of American Tower in a report on Monday, May 19th. They issued a “buy” rating and a $255.00 target price on the stock. Barclays raised their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Finally, Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Two investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $240.25.

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.