American Tower Corporation (NYSE:AMT – Get Free Report) has been assigned a consensus recommendation of “Moderate Buy” from the nineteen ratings firms that are covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $216.44.
AMT has been the subject of a number of analyst reports. Barclays boosted their price objective on shares of American Tower from $198.00 to $199.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 30th. Jefferies Financial Group lowered their target price on shares of American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lowered their target price on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 28th. TD Cowen lifted their target price on shares of American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Weiss Ratings raised shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 23rd.
View Our Latest Stock Analysis on American Tower
American Tower Price Performance
Shares of NYSE:AMT opened at $188.59 on Friday. The firm has a market cap of $87.88 billion, a price-to-earnings ratio of 26.60, a P/E/G ratio of 2.95 and a beta of 0.88. American Tower has a 1 year low of $160.06 and a 1 year high of $202.50. The company has a current ratio of 0.51, a quick ratio of 0.52 and a debt-to-equity ratio of 3.30. The business has a fifty day simple moving average of $176.09 and a 200 day simple moving average of $177.42.
American Tower (NYSE:AMT – Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share for the quarter, meeting the consensus estimate of $1.64. American Tower had a net margin of 30.10% and a return on equity of 32.71%. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter last year, the firm earned $2.78 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, sell-side analysts predict that American Tower will post 10.80 earnings per share for the current fiscal year.
American Tower announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 27th that allows the company to repurchase $2 billion in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
American Tower Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th were given a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, September 30th. American Tower’s dividend payout ratio (DPR) is currently 100.99%.
Insider Buying and Selling
In related news, EVP Ruth T. Dowling sold 952 shares of the company’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $185.81, for a total transaction of $176,891.12. Following the completion of the transaction, the executive vice president directly owned 26,133 shares in the company, valued at $4,855,772.73. This represents a 3.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur purchased 2,829 shares of American Tower stock in a transaction on Friday, August 21st. The stock was bought at an average cost of $177.00 per share, with a total value of $500,733.00. Following the completion of the acquisition, the director owned 7,765 shares in the company, valued at approximately $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.08% of the company’s stock.
Institutional Trading of American Tower
A number of hedge funds have recently modified their holdings of AMT. Raleigh Capital Management Inc. boosted its stake in shares of American Tower by 489.1% during the 1st quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust’s stock worth $2,365,000 after acquiring an additional 11,377 shares in the last quarter. Canal Capital Management LLC grew its position in shares of American Tower by 81.9% during the 1st quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust’s stock valued at $5,949,000 after acquiring an additional 15,520 shares during the period. Bernzott Capital Advisors increased its stake in shares of American Tower by 29.3% in the 1st quarter. Bernzott Capital Advisors now owns 42,161 shares of the real estate investment trust’s stock valued at $7,276,000 after purchasing an additional 9,556 shares in the last quarter. Sound Income Strategies LLC increased its stake in shares of American Tower by 14.5% in the 3rd quarter. Sound Income Strategies LLC now owns 118,811 shares of the real estate investment trust’s stock valued at $19,809,000 after purchasing an additional 15,083 shares in the last quarter. Finally, BIP Wealth LLC acquired a new position in American Tower in the 2nd quarter worth about $1,004,000. Institutional investors own 92.69% of the company’s stock.
American Tower Company Profile
American Tower Corporation (NYSE:AMT) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftop sites, distributed antenna systems and other infrastructure used by wireless carriers, broadcasters, governments and businesses to support voice, data and video communications.
The company leases space on its sites to multiple customers, allowing them to install antennas and related equipment without building and maintaining individual tower locations.
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