American Tower (NYSE:AMT) Price Target Raised to $260.00

American Tower (NYSE:AMT) had its price objective increased by Royal Bank Of Canada from $250.00 to $260.00 in a report released on Thursday,Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

AMT has been the subject of a number of other reports. HSBC cut American Tower from a “buy” rating to a “hold” rating and set a $235.00 target price for the company. in a research note on Wednesday. The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research note on Tuesday. JMP Securities boosted their target price on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research note on Wednesday, April 30th. Raymond James Financial set a $250.00 target price on American Tower and gave the company a “strong-buy” rating in a research note on Wednesday. Finally, UBS Group upped their price objective on American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.88.

American Tower Stock Up 1.8%

Shares of American Tower stock opened at $212.18 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower has a 12 month low of $172.51 and a 12 month high of $243.56. The business has a fifty day simple moving average of $218.73 and a 200 day simple moving average of $210.53. The stock has a market cap of $99.33 billion, a PE ratio of 77.16, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the firm earned $2.79 earnings per share. The company’s revenue was down 9.4% on a year-over-year basis. Research analysts predict that American Tower will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were paid a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.2%. American Tower’s dividend payout ratio is currently 247.27%.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Institutional Trading of American Tower

Several institutional investors and hedge funds have recently bought and sold shares of AMT. North Capital Inc. bought a new stake in American Tower in the first quarter valued at approximately $25,000. Hopwood Financial Services Inc. raised its stake in American Tower by 100.0% in the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 60 shares during the period. Minot DeBlois Advisors LLC acquired a new position in shares of American Tower in the fourth quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of American Tower in the first quarter valued at approximately $31,000. Finally, Lowe Wealth Advisors LLC grew its position in shares of American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 109 shares during 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.