Citigroup cut shares of American Tower (NYSE:AMT) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning, MarketBeat reports. Citigroup currently has $176.00 target price on the real estate investment trust’s stock, up from their prior target price of $161.00.
A number of other brokerages have also recently issued reports on AMT. Oppenheimer lifted their price target on shares of American Tower from $167.00 to $160.00 and gave the company an outperform rating in a research report on Wednesday, August 1st. Argus lifted their price target on shares of American Tower from $154.00 to $165.00 and gave the company a buy rating in a research report on Monday, August 20th. Guggenheim reissued a hold rating and set a $160.00 price target on shares of American Tower in a research report on Tuesday, August 7th. Wells Fargo & Co lifted their price target on shares of American Tower from $150.00 to $158.00 and gave the company an outperform rating in a research report on Tuesday, July 3rd. Finally, Cowen reissued a buy rating and set a $161.00 price target on shares of American Tower in a research report on Wednesday, August 1st. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. American Tower has a consensus rating of Buy and a consensus price target of $164.20.
NYSE:AMT opened at $152.06 on Wednesday. American Tower has a 12 month low of $130.37 and a 12 month high of $161.71. The company has a debt-to-equity ratio of 3.11, a current ratio of 0.72 and a quick ratio of 0.66. The stock has a market capitalization of $68.69 billion, a PE ratio of 23.83, a P/E/G ratio of 1.62 and a beta of 0.59.
American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.02. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company posted $1.73 EPS. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, research analysts forecast that American Tower will post 7.59 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 17th. Shareholders of record on Friday, September 28th were issued a $0.79 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This is a boost from American Tower’s previous quarterly dividend of $0.77. This represents a $3.16 annualized dividend and a yield of 2.08%. American Tower’s payout ratio is 49.53%.
In other American Tower news, Chairman James D. Taiclet, Jr. sold 43,808 shares of American Tower stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $150.65, for a total value of $6,599,675.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edmund Disanto sold 13,000 shares of American Tower stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $146.78, for a total transaction of $1,908,140.00. Following the completion of the transaction, the executive vice president now directly owns 160,021 shares of the company’s stock, valued at $23,487,882.38. The disclosure for this sale can be found here. Insiders sold 242,126 shares of company stock valued at $37,410,060 over the last ninety days. Corporate insiders own 0.87% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Mount Yale Investment Advisors LLC grew its stake in shares of American Tower by 354.4% in the second quarter. Mount Yale Investment Advisors LLC now owns 718 shares of the real estate investment trust’s stock worth $104,000 after acquiring an additional 560 shares during the period. Kaizen Advisory LLC grew its stake in shares of American Tower by 140.6% in the second quarter. Kaizen Advisory LLC now owns 1,008 shares of the real estate investment trust’s stock worth $145,000 after acquiring an additional 589 shares during the period. Valeo Financial Advisors LLC grew its stake in shares of American Tower by 75.0% in the second quarter. Valeo Financial Advisors LLC now owns 1,029 shares of the real estate investment trust’s stock worth $153,000 after acquiring an additional 441 shares during the period. RMR Advisors LLC bought a new stake in shares of American Tower in the second quarter worth approximately $173,000. Finally, Sun Life Financial INC grew its stake in shares of American Tower by 311.3% in the second quarter. Sun Life Financial INC now owns 1,197 shares of the real estate investment trust’s stock worth $173,000 after acquiring an additional 906 shares during the period. 93.35% of the stock is owned by institutional investors and hedge funds.
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 approximately 170,000 communications sites.
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