1,093 Shares in American Tower Co. (NYSE:AMT) Purchased by Meridian Wealth Management LLC

Meridian Wealth Management LLC acquired a new position in shares of American Tower Co. (NYSE:AMT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,093 shares of the real estate investment trust’s stock, valued at approximately $254,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Balentine LLC bought a new stake in shares of American Tower in the 3rd quarter worth approximately $586,000. Czech National Bank grew its stake in shares of American Tower by 6.9% in the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after acquiring an additional 6,163 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of American Tower by 27.7% during the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after acquiring an additional 4,430 shares in the last quarter. Cetera Advisors LLC raised its position in shares of American Tower by 29.0% in the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock worth $8,157,000 after purchasing an additional 9,275 shares during the last quarter. Finally, Banque Cantonale Vaudoise boosted its stake in American Tower by 46.8% in the 3rd quarter. Banque Cantonale Vaudoise now owns 25,715 shares of the real estate investment trust’s stock worth $5,980,000 after purchasing an additional 8,195 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the subject of several recent analyst reports. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Scotiabank reduced their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Barclays decreased their price target on American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research note on Monday, November 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower Stock Up 1.6 %

AMT opened at $207.60 on Tuesday. The firm’s 50 day simple moving average is $218.10 and its two-hundred day simple moving average is $211.99. The company has a market capitalization of $97.01 billion, a PE ratio of 87.59, a PEG ratio of 1.36 and a beta of 0.84. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period 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 forecast that American Tower Co. will post 10.08 EPS for the current 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 dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.12%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

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.