American Tower (NYSE:AMT) Price Target Increased to $300.00 by Analysts at KeyCorp

American Tower (NYSE:AMTGet Rating) had its price target hoisted by KeyCorp from $283.00 to $300.00 in a research report report published on Tuesday, MarketBeat Ratings reports. KeyCorp currently has an overweight rating on the real estate investment trust’s stock.

A number of other research analysts have also recently weighed in on the company. Credit Suisse Group assumed coverage on American Tower in a research report on Wednesday, June 22nd. They issued an outperform rating and a $313.00 price target for the company. Morgan Stanley dropped their price target 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. Bank of America began coverage on American Tower in a research report on Sunday, June 5th. They issued a buy rating and a $315.00 price target for the company. TheStreet upgraded American Tower from a c+ rating to a b rating in a research report on Wednesday, April 27th. Finally, Citigroup dropped their price objective on American Tower from $300.00 to $290.00 and set a buy rating for the company in a research report on Monday, July 18th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, American Tower presently has a consensus rating of Moderate Buy and an average price target of $292.13.

American Tower Price Performance

American Tower stock opened at $266.63 on Tuesday. American Tower has a one year low of $220.00 and a one year high of $303.72. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.65 and a current ratio of 0.65. The business has a fifty day moving average of $255.87 and a two-hundred day moving average of $247.92. The company has a market cap of $123.90 billion, a P/E ratio of 43.85, a price-to-earnings-growth ratio of 2.64 and a beta of 0.46.

American Tower (NYSE:AMTGet Rating) last released its earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.99. American Tower had a return on equity of 28.93% and a net margin of 27.23%. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter last year, the company earned $2.42 earnings per share. American Tower’s quarterly revenue was up 16.3% compared to the same quarter last year. As a group, analysts predict that American Tower will post 9.55 earnings per share for the current fiscal year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Friday, June 17th were issued a $1.43 dividend. This is a boost from American Tower’s previous quarterly dividend of $1.40. The ex-dividend date was Thursday, June 16th. This represents a $5.72 annualized dividend and a yield of 2.15%. American Tower’s payout ratio is 94.08%.

Insider Buying and Selling at American Tower

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

Hedge Funds Weigh In On American Tower

Several hedge funds and other institutional investors have recently modified their holdings of AMT. Rational Advisors LLC lifted its position in 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 acquiring an additional 49 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in American Tower during the 4th quarter worth approximately $25,000. Sandy Cove Advisors LLC acquired a new position in American Tower during the 4th quarter worth approximately $27,000. Crewe Advisors LLC acquired a new position in American Tower during the 4th quarter worth approximately $28,000. Finally, Charter Oak Capital Management LLC acquired a new position in American Tower during the 2nd quarter worth approximately $26,000. 91.00% of the stock is owned by institutional investors and hedge funds.

About American Tower

(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.

Further Reading

Analyst Recommendations for American Tower (NYSE:AMT)

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