American Tower (NYSE:AMT) Price Target Raised to $239.00

American Tower (NYSE:AMT) had its price target lifted by TD Cowen from $226.00 to $239.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

AMT has been the subject of several other reports. Mizuho assumed coverage on American Tower in a research report on Monday, April 8th. They issued a neutral rating and a $205.00 price objective for the company. Barclays reduced their price target on shares of American Tower from $234.00 to $223.00 and set an overweight rating for the company in a report on Thursday, May 30th. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an overweight rating in a research report on Wednesday. Morgan Stanley increased their target price on shares of American Tower from $183.00 to $196.00 and gave the company an equal weight rating in a research note on Monday, April 15th. Finally, Scotiabank upped their price target on American Tower from $223.00 to $248.00 and gave the company a sector outperform rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower presently has an average rating of Moderate Buy and an average target price of $230.42.

American Tower Trading Up 2.9 %

Shares of AMT stock opened at $234.64 on Wednesday. The business’s 50 day moving average is $201.02 and its two-hundred day moving average is $194.19. The company has a quick ratio of 0.85, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower has a 12 month low of $154.58 and a 12 month high of $236.00. The company has a market cap of $109.57 billion, a PE ratio of 53.09, a price-to-earnings-growth ratio of 1.60 and a beta of 0.81.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $2.46 EPS. Equities analysts predict that American Tower will post 10.04 EPS for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s dividend payout ratio is currently 146.61%.

Insider Activity

In related news, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On American Tower

A number of large investors have recently modified their holdings of the stock. Northwest Investment Counselors LLC bought a new position in American Tower in the 1st quarter worth approximately $25,000. Gold Investment Management Ltd. bought a new stake in American Tower during the 4th quarter worth about $28,000. Cultivar Capital Inc. bought a new stake in shares of American Tower during the second quarter worth approximately $25,000. Private Wealth Management Group LLC acquired a new position in shares of American Tower in the 4th quarter valued at $31,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of American Tower in the 2nd quarter worth $29,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

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