American Tower Corporation (REIT) (NYSE:AMT) had its target price increased by Deutsche Bank AG from $145.00 to $157.00 in a research report released on Friday morning. The brokerage currently has a buy rating on the real estate investment trust’s stock.
Other research analysts have also recently issued reports about the company. Pacific Crest boosted their target price on American Tower Corporation (REIT) to $132.00 in a research note on Wednesday, March 22nd. Guggenheim raised American Tower Corporation (REIT) from a neutral rating to a buy rating and boosted their target price for the company from $117.00 to $135.00 in a research note on Monday, April 10th. Jefferies Group LLC reissued a buy rating and issued a $136.00 target price on shares of American Tower Corporation (REIT) in a research note on Monday, April 3rd. Zacks Investment Research raised American Tower Corporation (REIT) from a hold rating to a buy rating and set a $142.00 target price for the company in a research note on Thursday, May 4th. Finally, BidaskClub raised American Tower Corporation (REIT) from a hold rating to a buy rating in a research note on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company’s stock. American Tower Corporation (REIT) presently has a consensus rating of Buy and a consensus target price of $138.92.
Shares of American Tower Corporation (AMT) traded up 0.60% during midday trading on Friday, reaching $136.21. The company had a trading volume of 1,439,326 shares. The firm has a market cap of $57.89 billion, a P/E ratio of 65.77 and a beta of 0.71. American Tower Corporation has a 52-week low of $99.72 and a 52-week high of $138.00. The company’s 50-day moving average is $130.68 and its 200-day moving average is $117.71.
American Tower Corporation (REIT) (NYSE:AMT) last posted its earnings results on Thursday, April 27th. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.51 by $0.84. American Tower Corporation (REIT) had a net margin of 16.32% and a return on equity of 14.26%. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the firm posted $0.58 earnings per share. The firm’s revenue was up 25.4% on a year-over-year basis. Equities research analysts expect that American Tower Corporation will post $2.97 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, June 19th were given a dividend of $0.64 per share. This is a boost from American Tower Corporation (REIT)’s previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a dividend yield of 1.89%. The ex-dividend date was Thursday, June 15th. American Tower Corporation (REIT)’s dividend payout ratio is currently 124.27%.
American Tower Corporation (REIT) declared that its board has authorized a stock repurchase program on Tuesday, March 21st that permits the company to buyback $1.10 billion in shares. This buyback authorization permits the real estate investment trust to repurchase up to 2.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, SVP Robert Joseph Meyer, Jr. sold 40,653 shares of the company’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $126.16, for a total transaction of $5,128,782.48. Following the completion of the transaction, the senior vice president now directly owns 36,060 shares of the company’s stock, valued at $4,549,329.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David E. Sharbutt sold 3,653 shares of the company’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $128.61, for a total value of $469,812.33. Following the transaction, the director now directly owns 10,098 shares of the company’s stock, valued at $1,298,703.78. The disclosure for this sale can be found here. Insiders have sold 133,350 shares of company stock valued at $17,042,690 over the last ninety days. 0.86% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Webster Bank N. A. raised its stake in American Tower Corporation (REIT) by 86.1% in the first quarter. Webster Bank N. A. now owns 1,005 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 465 shares during the last quarter. Heritage Trust Co bought a new stake in American Tower Corporation (REIT) during the first quarter valued at about $122,000. Norway Savings Bank raised its stake in American Tower Corporation (REIT) by 85.2% in the first quarter. Norway Savings Bank now owns 1,435 shares of the real estate investment trust’s stock valued at $174,000 after buying an additional 660 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in American Tower Corporation (REIT) by 0.9% in the first quarter. Integrated Investment Consultants LLC now owns 1,485 shares of the real estate investment trust’s stock valued at $180,000 after buying an additional 13 shares during the last quarter. Finally, Spinnaker Trust bought a new stake in American Tower Corporation (REIT) during the first quarter valued at about $201,000. Institutional investors and hedge funds own 93.21% of the company’s stock.
American Tower Corporation (REIT) Company Profile
American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.
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