Barclays Trims American Tower (NYSE:AMT) Target Price to $223.00

American Tower (NYSE:AMTFree Report) had its price objective reduced by Barclays from $234.00 to $223.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

AMT has been the topic of several other research reports. BMO Capital Markets cut their target price on American Tower from $228.00 to $220.00 and set an outperform rating on the stock in a research report on Wednesday, May 1st. Raymond James raised American Tower from an outperform rating to a strong-buy rating and lifted their target price for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. StockNews.com cut American Tower from a buy rating to a hold rating in a research report on Friday, March 1st. Scotiabank cut their price objective on American Tower from $243.00 to $223.00 and set a sector outperform rating on the stock in a research report on Wednesday, May 1st. Finally, Morgan Stanley boosted their price objective on American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a research report on Monday, April 15th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $220.91.

Check Out Our Latest Stock Report on American Tower

American Tower Trading Up 2.6 %

NYSE AMT opened at $195.74 on Thursday. The company has a market cap of $91.41 billion, a price-to-earnings ratio of 44.29, a P/E/G ratio of 1.40 and a beta of 0.71. American Tower has a 52 week low of $154.58 and a 52 week high of $219.10. The business has a 50 day moving average price of $184.67 and a 200-day moving average price of $196.26. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMTGet Free Report) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.54 EPS. As a group, equities analysts expect that American Tower will post 9.98 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be paid a $1.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a yield of 3.31%. American Tower’s dividend payout ratio is currently 146.61%.

Insiders Place Their Bets

In other news, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the sale, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On American Tower

Several institutional investors and hedge funds have recently bought and sold shares of AMT. Norges Bank purchased a new stake in American Tower in the 4th quarter worth approximately $1,051,898,000. Wellington Management Group LLP lifted its holdings in American Tower by 21.9% in the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after buying an additional 2,839,570 shares during the period. Principal Financial Group Inc. lifted its holdings in American Tower by 36.2% in the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock worth $1,737,760,000 after buying an additional 2,336,501 shares during the period. Edgewood Management LLC lifted its holdings in American Tower by 46.2% in the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after buying an additional 1,576,683 shares during the period. Finally, Jennison Associates LLC lifted its holdings in American Tower by 41.0% in the 4th quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock worth $1,144,014,000 after buying an additional 1,541,029 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

About American Tower

(Get Free Report)

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.

Further Reading

Analyst Recommendations for American Tower (NYSE:AMT)

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