Meridian Wealth Advisors LLC Has $202,000 Position in American Tower Corporation (NYSE:AMT)

Meridian Wealth Advisors LLC cut its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 79.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 930 shares of the real estate investment trust's stock after selling 3,514 shares during the quarter. Meridian Wealth Advisors LLC's holdings in American Tower were worth $202,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Cohen & Steers Inc. lifted its position in shares of American Tower by 21.8% during the 4th 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 during the period. Geode Capital Management LLC lifted its position in shares of American Tower by 1.2% during the 4th 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 during the period. FMR LLC lifted its position in shares of American Tower by 5.0% during the 4th 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 during the period. Capital Research Global Investors lifted its position in shares of American Tower by 66.5% during the 4th 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 during the period. Finally, Norges Bank bought a new stake in shares of American Tower during the 4th quarter valued at $1,164,851,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AMT shares. Royal Bank Of Canada upped their target price on American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Morgan Stanley assumed coverage on American Tower in a research report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price for the company. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. UBS Group upped their price objective on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, JMP Securities increased their target price on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, American Tower currently has an average rating of "Buy" and an average price target of $240.88.

American Tower Trading Up 0.8%

NYSE AMT opened at $224.87 on Friday. The business has a 50 day simple moving average of $216.53 and a 200 day simple moving average of $207.55. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The stock has a market capitalization of $105.27 billion, a P/E ratio of 57.81, a P/E/G ratio of 1.67 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 (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. The business had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm's revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.79 earnings per share. Research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.02%. American Tower's payout ratio is currently 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.

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