Weekly Analysts’ Ratings Updates for American Tower (AMT)

Several brokerages have updated their recommendations and price targets on shares of American Tower (NYSE: AMT) in the last few weeks:

• 5/1/2024 – American Tower was upgraded by analysts at Raymond James from an “outperform” rating to a “strong-buy” rating. They now have a $248.00 price target on the stock, up previously from $226.00.
• 5/1/2024 – American Tower had its price target lowered by analysts at Scotiabank from $243.00 to $223.00. They now have a “sector outperform” rating on the stock.
• 5/1/2024 – American Tower had its price target lowered by analysts at BMO Capital Markets from $228.00 to $220.00. They now have an “outperform” rating on the stock.
• 4/15/2024 – American Tower had its price target raised by analysts at Morgan Stanley from $183.00 to $196.00. They now have an “equal weight” rating on the stock.
• 4/8/2024 – American Tower is now covered by analysts at Mizuho. They set a “neutral” rating and a $205.00 price target on the stock.
• 3/5/2024 – American Tower had its price target raised by analysts at Barclays PLC from $224.00 to $234.00. They now have an “overweight” rating on the stock.

American Tower Price Performance

Shares of American Tower stock opened at $176.80 on Thursday. The firm has a market capitalization of $82.45 billion, a PE ratio of 55.60, a price-to-earnings-growth ratio of 1.38 and a beta of 0.67. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $219.10. The business’s 50-day moving average price is $189.49 and its 200-day moving average price is $194.40. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the company posted $2.54 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts forecast that American Tower Co. will post 9.94 EPS for the current fiscal year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.67%. American Tower’s payout ratio is 203.77%.

Insider Buying and Selling at American Tower

In related news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now directly owns 18,545 shares in the company, valued at $3,532,080.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Rodney M. Smith sold 11,510 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

Hedge Funds Weigh In On American Tower

A number of hedge funds have recently modified their holdings of AMT. Northwest Investment Counselors LLC bought a new position in American Tower in the 1st quarter worth $25,000. McClarren Financial Advisors Inc. purchased a new position in shares of American Tower in the third quarter valued at about $27,000. Gold Investment Management Ltd. bought a new position in shares of American Tower in the fourth quarter worth about $28,000. Emerald Advisers LLC purchased a new stake in shares of American Tower during the third quarter worth about $29,000. Finally, Thompson Investment Management Inc. bought a new stake in American Tower during the 4th quarter valued at approximately $29,000. 92.69% of the stock is currently owned by institutional investors.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.