Edward Jones upgraded shares of American Tower (NYSE:AMT) from a hold rating to a buy rating in a report published on Tuesday morning, BenzingaRatingsTable reports.
Several other equities research analysts have also commented on the stock. New Street Research upgraded shares of American Tower from a neutral rating to a buy rating in a report on Thursday, March 12th. Goldman Sachs Group upgraded shares of American Tower from a neutral rating to a buy rating and boosted their price target for the company from $204.00 to $270.00 in a report on Monday, January 13th. KeyCorp boosted their price target on shares of American Tower from $254.00 to $273.00 and gave the company an overweight rating in a report on Wednesday, February 26th. Credit Suisse Group restated a hold rating and issued a $265.00 price target on shares of American Tower in a report on Wednesday, February 26th. Finally, Citigroup raised shares of American Tower from a neutral rating to a buy rating and set a $280.00 price objective on the stock in a research report on Thursday, March 5th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $239.50.
Shares of NYSE:AMT traded up $8.99 during trading hours on Tuesday, hitting $199.26. The company’s stock had a trading volume of 3,201,548 shares, compared to its average volume of 2,321,523. American Tower has a 52 week low of $174.32 and a 52 week high of $258.62. The company has a debt-to-equity ratio of 5.03, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market capitalization of $79.32 billion, a price-to-earnings ratio of 47.11, a P/E/G ratio of 1.21 and a beta of 0.41. The firm’s fifty day moving average price is $235.54 and its 200 day moving average price is $225.48.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 29th. Stockholders of record on Tuesday, April 14th will be given a $1.08 dividend. The ex-dividend date is Monday, April 13th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.17%. This is an increase from American Tower’s previous quarterly dividend of $1.01. American Tower’s payout ratio is presently 52.26%.
In other American Tower news, EVP Steven O. Vondran sold 1,261 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $229.68, for a total transaction of $289,626.48. Following the sale, the executive vice president now owns 28,705 shares of the company’s stock, valued at approximately $6,592,964.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Samme L. Thompson sold 3,000 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $227.56, for a total transaction of $682,680.00. Following the completion of the sale, the director now directly owns 22,598 shares in the company, valued at $5,142,400.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,144 shares of company stock worth $2,332,308. Insiders own 0.75% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Country Trust Bank lifted its stake in shares of American Tower by 289.3% in the 4th quarter. Country Trust Bank now owns 109 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 81 shares during the period. CXI Advisors acquired a new position in American Tower during the fourth quarter worth $27,000. Brooktree Capital Management acquired a new position in American Tower during the fourth quarter worth $29,000. TI Trust Inc. acquired a new position in American Tower during the fourth quarter worth $34,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in American Tower during the fourth quarter worth $34,000. 92.24% of the stock is currently owned by institutional investors and hedge funds.
American Tower Company Profile
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 approximately 171,000 communications sites.
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