American Tower Corp (NYSE:AMT) has earned an average recommendation of “Hold” from the twenty-two analysts that are covering the firm, Marketbeat reports. Thirteen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $184.50.
Several brokerages recently weighed in on AMT. UBS Group lowered American Tower from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $195.00 to $222.00 in a report on Friday, June 7th. Morgan Stanley lifted their price objective on American Tower from $185.00 to $201.00 and gave the stock an “equal weight” rating in a report on Monday, May 20th. Royal Bank of Canada lifted their price objective on American Tower from $195.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, May 9th. SunTrust Banks lifted their price objective on American Tower to $210.00 and gave the stock a “positive” rating in a report on Monday, May 6th. Finally, Wells Fargo & Co lowered American Tower from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $190.00 to $196.00 in a report on Monday, April 15th. They noted that the move was a valuation call.
AMT traded up $2.86 during trading hours on Monday, hitting $214.09. The stock had a trading volume of 1,738,370 shares, compared to its average volume of 1,772,976. The firm’s fifty day simple moving average is $202.45. American Tower has a 1 year low of $136.74 and a 1 year high of $214.69. The stock has a market capitalization of $93.37 billion, a PE ratio of 26.79, a PEG ratio of 1.72 and a beta of 0.54. The company has a debt-to-equity ratio of 4.31, a quick ratio of 0.50 and a current ratio of 0.50.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, June 19th will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Tuesday, June 18th. This is a positive change from American Tower’s previous quarterly dividend of $0.90. American Tower’s payout ratio is presently 45.06%.
In other news, SVP Robert Joseph Meyer, Jr. sold 44,168 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $198.33, for a total transaction of $8,759,839.44. Following the completion of the transaction, the senior vice president now owns 54,460 shares of the company’s stock, valued at $10,801,051.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Olivier Puech sold 8,347 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $210.27, for a total value of $1,755,123.69. The disclosure for this sale can be found here. Insiders have sold a total of 259,065 shares of company stock valued at $51,423,854 in the last ninety days. Insiders own 0.75% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of AMT. Canton Hathaway LLC bought a new stake in American Tower in the 1st quarter worth approximately $26,000. Cable Hill Partners LLC lifted its position in American Tower by 61.9% in the 1st quarter. Cable Hill Partners LLC now owns 136 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 52 shares during the last quarter. Spectrum Management Group Inc. bought a new stake in American Tower in the 1st quarter worth approximately $29,000. Quantamental Technologies LLC bought a new stake in American Tower in the 4th quarter worth approximately $25,000. Finally, WESPAC Advisors SoCal LLC bought a new stake in American Tower in the 4th quarter worth approximately $27,000. 94.29% of the stock is owned by institutional investors.
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 171,000 communications sites.
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