Brokerages Set American Tower Co. (NYSE:AMT) Price Target at $292.13

American Tower Co. (NYSE:AMTGet Rating) has been assigned an average rating of “Moderate Buy” from the eighteen analysts that are covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $291.69.

Several research analysts recently commented on AMT shares. JPMorgan Chase & Co. raised American Tower from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $245.00 to $285.00 in a research report on Tuesday, June 21st. Morgan Stanley reduced their target price on American Tower from $268.00 to $252.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 20th. Credit Suisse Group started coverage on American Tower in a research report on Wednesday, June 22nd. They issued an “outperform” rating and a $313.00 target price for the company. KeyCorp raised their target price on American Tower from $283.00 to $300.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $260.00 to $270.00 and gave the stock a “hold” rating in a research report on Thursday, July 14th.

American Tower Trading Up 0.3 %

Shares of American Tower stock opened at $272.19 on Wednesday. The company’s fifty day simple moving average is $256.59 and its 200-day simple moving average is $248.36. The company has a market cap of $126.49 billion, a price-to-earnings ratio of 44.77, a PEG ratio of 2.67 and a beta of 0.46. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 3.47. American Tower has a 1 year low of $220.00 and a 1 year high of $303.72.

American Tower (NYSE:AMTGet Rating) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.99. The business had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.64 billion. American Tower had a net margin of 27.23% and a return on equity of 28.93%. American Tower’s quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the company posted $2.42 earnings per share. As a group, sell-side analysts expect that American Tower will post 9.37 EPS for the current year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Friday, June 17th were issued a $1.43 dividend. This represents a $5.72 dividend on an annualized basis and a dividend yield of 2.10%. This is a boost from American Tower’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Thursday, June 16th. American Tower’s payout ratio is currently 94.08%.

Insider Activity at American Tower

In related news, Director Robert D. Hormats sold 150 shares of American Tower stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $254.53, for a total value of $38,179.50. Following the completion of the transaction, the director now directly owns 6,571 shares of the company’s stock, valued at $1,672,516.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Robert D. Hormats sold 200 shares of American Tower stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $235.40, for a total value of $47,080.00. Following the completion of the sale, the director now directly owns 6,721 shares in the company, valued at $1,582,123.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert D. Hormats sold 150 shares of American Tower stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $254.53, for a total value of $38,179.50. Following the completion of the sale, the director now owns 6,571 shares of the company’s stock, valued at $1,672,516.63. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

Institutional Trading of American Tower

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rational Advisors LLC grew its position in shares of American Tower by 140.0% during the 4th quarter. Rational Advisors LLC now owns 84 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 49 shares during the period. Cassady Schiller Wealth Management LLC acquired a new position in shares of American Tower during the 4th quarter worth about $25,000. Sandy Cove Advisors LLC acquired a new position in shares of American Tower during the 4th quarter worth about $27,000. Crewe Advisors LLC acquired a new position in shares of American Tower during the 4th quarter worth about $28,000. Finally, Charter Oak Capital Management LLC acquired a new position in shares of American Tower during the 2nd quarter worth about $26,000. 91.00% of the stock is currently owned by institutional investors and hedge funds.

American Tower Company Profile

(Get Rating)

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.

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Analyst Recommendations for American Tower (NYSE:AMT)

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