American Tower (NYSE:AMT) Given New $236.00 Price Target at Scotiabank

American Tower (NYSE:AMT) had its target price cut by Scotiabank from $248.00 to $236.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

AMT has been the subject of several other reports. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Royal Bank of Canada upped their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. TD Cowen boosted their price objective on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $235.85.

American Tower Trading Up 0.4 %

Shares of American Tower stock opened at $213.70 on Wednesday. The firm’s 50 day moving average is $228.58 and its 200 day moving average is $208.42. The firm has a market capitalization of $99.82 billion, a PE ratio of 40.17, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83. American Tower has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the firm posted $2.58 EPS. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. Equities research analysts forecast that American Tower will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.03%. American Tower’s dividend payout ratio is currently 121.80%.

Insider Buying and Selling at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMT. NBT Bank N A NY raised its position in shares of American Tower by 3.3% during the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock worth $329,000 after purchasing an additional 54 shares during the period. CX Institutional grew its position in American Tower by 2.9% in the 3rd quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock valued at $450,000 after purchasing an additional 54 shares during the period. O Brien Greene & Co. Inc increased its stake in American Tower by 2.3% during the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock valued at $481,000 after purchasing an additional 55 shares in the last quarter. CFO4Life Group LLC raised its holdings in American Tower by 5.4% during the first quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock worth $221,000 after buying an additional 57 shares during the last quarter. Finally, Palumbo Wealth Management LLC lifted its stake in shares of American Tower by 1.6% in the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock valued at $864,000 after buying an additional 57 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

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.