American Tower (NYSE:AMT) Price Target Raised to $235.00 at Citigroup

American Tower (NYSE:AMT) had its target price hoisted by Citigroup from $220.00 to $235.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the stock. JMP Securities initiated coverage on shares of American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 target price on the stock. Mizuho decreased their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Barclays reduced their target price on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Wells Fargo & Company reduced their target price on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. Finally, Scotiabank dropped their price target on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $226.29.

American Tower Trading Up 0.5 %

NYSE AMT opened at $213.42 on Monday. The company has a market cap of $99.77 billion, a price-to-earnings ratio of 90.05, a P/E/G ratio of 1.29 and a beta of 0.85. American Tower has a 52 week low of $170.46 and a 52 week high of $243.56. The business has a 50 day moving average price of $190.23 and a 200-day moving average price of $206.16. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.83. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period last year, the firm earned $2.29 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis. As a group, equities analysts expect that American Tower will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be issued a $1.70 dividend. This is a boost from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, April 11th. American Tower’s dividend payout ratio (DPR) is currently 141.37%.

Insider Activity

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.18% of the company’s stock.

Hedge Funds Weigh In On American Tower

Several institutional investors have recently made changes to their positions in AMT. Glenview Trust co grew its stake in American Tower by 0.8% in the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock valued at $1,294,000 after acquiring an additional 54 shares during the period. CreativeOne Wealth LLC boosted its position in shares of American Tower by 2.1% during the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock valued at $477,000 after acquiring an additional 54 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in shares of American Tower by 4.2% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock valued at $332,000 after acquiring an additional 58 shares during the last quarter. Precedent Wealth Partners LLC raised its holdings in American Tower by 4.7% in the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after buying an additional 58 shares during the period. Finally, Safe Harbor Fiduciary LLC raised its holdings in American Tower by 1.1% in the 4th quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust’s stock valued at $978,000 after buying an additional 58 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.