Bank of New York Mellon Corp Cuts Stock Position in American Tower Corporation (NYSE:AMT)

Bank of New York Mellon Corp decreased its position in American Tower Corporation (NYSE:AMT - Free Report) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,945,875 shares of the real estate investment trust's stock after selling 52,051 shares during the quarter. Bank of New York Mellon Corp owned about 0.63% of American Tower worth $641,023,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AMT. North Capital Inc. acquired a new stake in shares of American Tower in the first quarter valued at approximately $25,000. Minot DeBlois Advisors LLC bought a new position in shares of American Tower in the 4th quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower in the first quarter worth about $31,000. Graney & King LLC bought a new stake in shares of American Tower during the fourth quarter worth $32,000. Finally, Lowe Wealth Advisors LLC increased its holdings in shares of American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Stock Down 0.9%

Shares of AMT traded down $2.00 during trading hours on Monday, hitting $219.75. The stock had a trading volume of 1,894,852 shares, compared to its average volume of 2,505,262. The firm has a 50 day simple moving average of $216.46 and a 200-day simple moving average of $205.07. The firm has a market capitalization of $102.87 billion, a P/E ratio of 56.49, a price-to-earnings-growth ratio of 1.65 and a beta of 0.82. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the firm posted $2.79 EPS. American Tower's revenue was down 9.6% compared to the same quarter last year. Sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.09%. American Tower's payout ratio is 174.81%.

Analyst Ratings Changes

AMT has been the subject of a number of recent research reports. Citigroup upped their target price on American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Bank of America started coverage on American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. Royal Bank Of Canada boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Scotiabank lifted their price target on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Finally, JMP Securities increased their price objective on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Two 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. Based on data from MarketBeat, American Tower currently has an average rating of "Buy" and an average 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.