American Tower (NYSE:AMT) Given New $224.00 Price Target at Morgan Stanley

American Tower (NYSE:AMTGet Rating) had its target price increased by Morgan Stanley from $219.00 to $224.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft upgraded American Tower from a hold rating to a buy rating and increased their price target for the stock from $240.00 to $254.00 in a report on Thursday, January 12th. KeyCorp cut their price target on shares of American Tower from $264.00 to $252.00 and set an overweight rating on the stock in a research note on Friday, October 28th. Truist Financial lowered their price objective on shares of American Tower from $325.00 to $275.00 and set a buy rating for the company in a research report on Friday, January 13th. UBS Group cut their price objective on shares of American Tower from $278.00 to $270.00 in a research report on Tuesday, December 13th. Finally, Raymond James increased their target price on American Tower from $219.00 to $233.00 and gave the stock a market outperform rating in a report on Wednesday, November 23rd. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $266.06.

American Tower Price Performance

Shares of AMT stock opened at $215.67 on Monday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.87. American Tower has a 12-month low of $178.17 and a 12-month high of $282.47. The firm has a fifty day moving average of $217.76 and a 200-day moving average of $230.76. The firm has a market capitalization of $100.42 billion, a price-to-earnings ratio of 34.23, a price-to-earnings-growth ratio of 2.02 and a beta of 0.54.

American Tower Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 2nd. Stockholders of record on Wednesday, December 28th will be given a $1.56 dividend. This represents a $6.24 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, December 27th. This is an increase from American Tower’s previous quarterly dividend of $1.47. American Tower’s dividend payout ratio (DPR) is 99.05%.

Insider Activity

In related news, Director Joann A. Reed sold 1,231 shares of American Tower stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $204.88, for a total transaction of $252,207.28. Following the completion of the transaction, the director now owns 54,554 shares in the company, valued at $11,177,023.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Rodney M. Smith sold 2,035 shares of the stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $220.85, for a total value of $449,429.75. Following the transaction, the chief financial officer now directly owns 48,645 shares of the company’s stock, valued at $10,743,248.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joann A. Reed sold 1,231 shares of American Tower stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $204.88, for a total transaction of $252,207.28. Following the sale, the director now directly owns 54,554 shares of the company’s stock, valued at approximately $11,177,023.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,079 shares of company stock valued at $9,071,929. 0.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On American Tower

Hedge funds have recently bought and sold shares of the stock. Red Door Wealth Management LLC lifted its holdings in American Tower by 7.9% during the 4th quarter. Red Door Wealth Management LLC now owns 9,797 shares of the real estate investment trust’s stock worth $2,076,000 after purchasing an additional 716 shares during the last quarter. Landmark Financial Advisors LLC lifted its holdings in shares of American Tower by 2.1% during the fourth quarter. Landmark Financial Advisors LLC now owns 2,701 shares of the real estate investment trust’s stock worth $572,000 after buying an additional 55 shares in the last quarter. Mendel Capital Management LLC grew its stake in shares of American Tower by 29.6% in the fourth quarter. Mendel Capital Management LLC now owns 3,059 shares of the real estate investment trust’s stock valued at $648,000 after acquiring an additional 699 shares in the last quarter. Jackson Square Capital LLC increased its position in American Tower by 227.3% during the fourth quarter. Jackson Square Capital LLC now owns 9,100 shares of the real estate investment trust’s stock worth $1,928,000 after acquiring an additional 6,320 shares during the period. Finally, Meridian Wealth Advisors LLC raised its stake in American Tower by 24.9% in the 4th quarter. Meridian Wealth Advisors LLC now owns 10,683 shares of the real estate investment trust’s stock worth $2,263,000 after purchasing an additional 2,130 shares in the last quarter. 89.65% of the stock is currently owned by institutional investors and hedge funds.

About American Tower

(Get Rating)

American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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