American Tower (NYSE:AMT) had its price target cut by Morgan Stanley from $161.00 to $157.00 in a research note published on Friday, March 16th. They currently have an overweight rating on the real estate investment trust’s stock.
A number of other research firms also recently commented on AMT. Zacks Investment Research upgraded American Tower from a hold rating to a buy rating and set a $160.00 target price on the stock in a research report on Tuesday, January 2nd. Oppenheimer lifted their target price on American Tower from $155.00 to $160.00 and gave the company an outperform rating in a research report on Wednesday, December 20th. ValuEngine downgraded American Tower from a buy rating to a hold rating in a research report on Friday, December 1st. KeyCorp restated an overweight rating and issued a $177.00 target price (up previously from $156.00) on shares of American Tower in a research report on Monday, November 27th. Finally, Citigroup reduced their target price on American Tower from $169.00 to $162.00 and set a buy rating on the stock in a research report on Monday, March 5th. Two research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. American Tower has a consensus rating of Buy and an average price target of $158.57.
NYSE AMT traded down $1.92 on Friday, reaching $142.16. 1,527,390 shares of the company were exchanged, compared to its average volume of 2,418,001. The firm has a market capitalization of $62,671.38, a P/E ratio of 22.28, a price-to-earnings-growth ratio of 1.60 and a beta of 0.78. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.25 and a current ratio of 1.25. American Tower has a fifty-two week low of $121.57 and a fifty-two week high of $155.28.
American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.63 by ($0.04). The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.69 billion. American Tower had a return on equity of 17.20% and a net margin of 18.31%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the firm posted $1.52 EPS. sell-side analysts forecast that American Tower will post 7.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Wednesday, April 11th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Tuesday, April 10th. This is an increase from American Tower’s previous quarterly dividend of $0.70. American Tower’s payout ratio is currently 43.89%.
In related news, Director Joann A. Reed sold 845 shares of the business’s stock in a transaction on Wednesday, March 14th. The stock was sold at an average price of $146.83, for a total value of $124,071.35. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP William H. Hess sold 28,291 shares of the business’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $145.28, for a total value of $4,110,116.48. Following the completion of the sale, the executive vice president now owns 92,721 shares in the company, valued at approximately $13,470,506.88. The disclosure for this sale can be found here. Insiders sold a total of 32,636 shares of company stock worth $4,746,448 in the last quarter. Company insiders own 0.86% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Chemical Bank grew its stake in American Tower by 50.6% during the 4th quarter. Chemical Bank now owns 3,235 shares of the real estate investment trust’s stock worth $461,000 after purchasing an additional 1,087 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in American Tower by 28.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 22,639 shares of the real estate investment trust’s stock worth $3,230,000 after purchasing an additional 4,963 shares in the last quarter. Xact Kapitalforvaltning AB grew its stake in American Tower by 8.3% during the 4th quarter. Xact Kapitalforvaltning AB now owns 70,425 shares of the real estate investment trust’s stock worth $10,048,000 after purchasing an additional 5,382 shares in the last quarter. CNB Bank acquired a new position in American Tower during the 4th quarter worth $325,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in American Tower by 17.0% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 278,258 shares of the real estate investment trust’s stock worth $39,699,000 after purchasing an additional 40,384 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.
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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 150,000 communications sites. For more information about American Tower, please visit the ?Earnings Materials? and ?Company & Industry Resources? sections of our investor relations website at www.americantower.com.
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