Parr Mcknight Wealth Management Group LLC Raises Stock Holdings in American Tower Corporation (NYSE:AMT)

Parr Mcknight Wealth Management Group LLC grew its position in American Tower Corporation (NYSE:AMT - Free Report) by 35.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,740 shares of the real estate investment trust's stock after buying an additional 2,020 shares during the quarter. Parr Mcknight Wealth Management Group LLC's holdings in American Tower were worth $1,684,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Elmwood Wealth Management Inc. increased its holdings in shares of American Tower by 2.5% in the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock valued at $454,000 after acquiring an additional 50 shares during the period. 4J Wealth Management LLC lifted its position in American Tower by 4.0% during the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock valued at $283,000 after acquiring an additional 50 shares during the last quarter. Glenview Trust co lifted its holdings in shares of American Tower by 0.8% during the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust's stock valued at $1,294,000 after purchasing an additional 54 shares during the last quarter. CreativeOne Wealth LLC boosted its position in shares of American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock worth $477,000 after purchasing an additional 54 shares in the last quarter. Finally, Fortitude Advisory Group L.L.C. grew its stake in American Tower by 2.9% during the 1st quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock worth $416,000 after buying an additional 54 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AMT. Barclays upped their price objective on shares of American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a report on Friday, March 21st. JMP Securities upped 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. Scotiabank raised their price objective on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 30th. Royal Bank Of Canada lifted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, Wells Fargo & Company increased their price target on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $240.88.

American Tower Price Performance

AMT traded down $0.70 on Thursday, hitting $221.13. 1,459,191 shares of the company's stock were exchanged, compared to its average volume of 2,507,390. The stock has a market cap of $103.52 billion, a price-to-earnings ratio of 56.85, a P/E/G ratio of 1.65 and a beta of 0.82. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The firm has a 50-day moving average price of $216.55 and a 200-day moving average price of $205.54.

American Tower (NYSE:AMT - Get Free Report) last released 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. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the company posted $2.79 earnings per share. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, equities analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.08%. American Tower's payout ratio 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.