American Tower (NYSE:AMT) Trading 6.3% Higher

American Tower Corp (NYSE:AMT) shot up 6.3% during mid-day trading on Friday . The stock traded as high as $242.60 and last traded at $242.43, 2,812,233 shares were traded during trading. An increase of 21% from the average session volume of 2,333,097 shares. The stock had previously closed at $228.16.

A number of research analysts recently issued reports on the stock. UBS Group upgraded shares of American Tower from a “neutral” rating to a “buy” rating and set a $270.00 target price on the stock in a research note on Thursday, April 2nd. KeyCorp lifted their price objective on American Tower from $254.00 to $273.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Raymond James raised American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 price objective for the company in a research report on Thursday, March 26th. New Street Research raised American Tower from a “neutral” rating to a “buy” rating in a report on Thursday, March 12th. Finally, Wells Fargo & Co upped their price target on American Tower from $265.00 to $272.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. American Tower currently has an average rating of “Buy” and an average price target of $257.38.

The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 6.91. The firm has a 50-day moving average of $239.36 and a 200 day moving average of $229.42. The stock has a market capitalization of $102.02 billion, a P/E ratio of 56.44, a PEG ratio of 1.95 and a beta of 0.44.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.12). The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. American Tower had a net margin of 24.55% and a return on equity of 35.63%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.84 EPS. Analysts predict that American Tower Corp will post 8 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, June 18th. This is a positive change from American Tower’s previous quarterly dividend of $1.08. American Tower’s dividend payout ratio is 55.89%.

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of American Tower stock in a transaction on Friday, May 8th. The stock was sold at an average price of $238.11, for a total transaction of $1,533,190.29. Following the completion of the transaction, the chief accounting officer now directly owns 37,120 shares of the company’s stock, valued at $8,838,643.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David E. Sharbutt sold 2,200 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $243.60, for a total transaction of $535,920.00. Following the completion of the sale, the director now owns 4,097 shares in the company, valued at approximately $998,029.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,392 shares of company stock valued at $3,343,752. Corporate insiders own 0.65% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. CXI Advisors bought a new stake in American Tower during the fourth quarter worth about $27,000. Brooktree Capital Management acquired a new position in shares of American Tower in the 4th quarter worth approximately $29,000. MCF Advisors LLC acquired a new position in shares of American Tower in the 1st quarter worth approximately $27,000. John W. Brooker & Co. CPAs bought a new stake in American Tower during the 1st quarter worth approximately $32,000. Finally, TI Trust Inc. acquired a new stake in American Tower during the 4th quarter valued at $34,000. 91.73% of the stock is owned by hedge funds and other institutional investors.

American Tower Company Profile (NYSE:AMT)

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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