American Tower Corp. (NYSE:AMT) has earned a consensus rating of “Buy” from the twenty-four research firms that are presently covering the company. One analyst has rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $120.05.
A number of research analysts have issued reports on the company. Zacks Investment Research raised American Tower Corp. from a “hold” rating to a “buy” rating and set a $126.00 price objective for the company in a report on Friday. SunTrust Banks Inc. assumed coverage on American Tower Corp. in a report on Monday, September 12th. They set a “buy” rating and a $128.00 price objective for the company. Jefferies Group reissued a “buy” rating on shares of American Tower Corp. in a report on Monday, September 12th. Argus lifted their price objective on American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 17th. Finally, Citigroup Inc. cut their price objective on American Tower Corp. from $134.00 to $133.00 and set a “buy” rating for the company in a report on Wednesday, August 10th.
Shares of American Tower Corp. (NYSE:AMT) opened at 113.34 on Thursday. American Tower Corp. has a one year low of $83.07 and a one year high of $118.26. The firm has a 50-day moving average of $111.69 and a 200-day moving average of $110.39. The firm has a market capitalization of $48.22 billion, a P/E ratio of 70.35 and a beta of 0.62.
American Tower Corp. (NYSE:AMT) last issued its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.36 by $0.03. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.44 billion. American Tower Corp. had a net margin of 15.21% and a return on equity of 11.73%. The firm’s revenue was up 22.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.26 earnings per share. On average, equities analysts predict that American Tower Corp. will post $5.70 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Stockholders of record on Friday, September 30th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Wednesday, September 28th. This is a boost from American Tower Corp.’s previous quarterly dividend of $0.53. American Tower Corp.’s payout ratio is 136.65%.
In other news, Director Pamela D. A. Reeve sold 10,000 shares of American Tower Corp. stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $113.38, for a total transaction of $1,133,800.00. Following the transaction, the director now owns 21,437 shares in the company, valued at approximately $2,430,527.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carolyn Katz sold 5,000 shares of American Tower Corp. stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $116.34, for a total value of $581,700.00. Following the transaction, the director now owns 14,484 shares in the company, valued at approximately $1,685,068.56. The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in American Tower Corp. by 24.8% in the first quarter. Wellington Management Group LLP now owns 15,233,890 shares of the real estate investment trust’s stock valued at $1,559,493,000 after buying an additional 3,026,114 shares during the last quarter. Cohen & Steers Inc. boosted its stake in American Tower Corp. by 50.7% in the second quarter. Cohen & Steers Inc. now owns 3,803,923 shares of the real estate investment trust’s stock valued at $77,904,000 after buying an additional 1,280,386 shares during the last quarter. Hitchwood Capital Management LP purchased a new stake in American Tower Corp. during the second quarter valued at approximately $136,332,000. Capital Research Global Investors boosted its stake in American Tower Corp. by 98.7% in the second quarter. Capital Research Global Investors now owns 1,517,627 shares of the real estate investment trust’s stock valued at $172,418,000 after buying an additional 753,936 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in American Tower Corp. by 93.7% in the second quarter. Prudential Financial Inc. now owns 1,031,386 shares of the real estate investment trust’s stock valued at $117,176,000 after buying an additional 498,810 shares during the last quarter. Institutional investors and hedge funds own 94.15% of the company’s stock.
About American Tower Corp.
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.
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