American Tower Co. (REIT) (NYSE:AMT) Receives Average Recommendation of “Buy” from Brokerages

Shares of American Tower Co. (REIT) (NYSE:AMT) have received a consensus rating of “Buy” from the sixteen research firms that are presently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $297.71.

A number of research firms have commented on AMT. Wells Fargo & Company reduced their price objective on American Tower from $305.00 to $285.00 and set an “overweight” rating on the stock in a research note on Friday, November 19th. Raymond James dropped their price objective on American Tower from $296.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, November 1st. KeyCorp increased their price target on American Tower from $302.00 to $311.00 and gave the stock an “overweight” rating in a report on Friday, October 29th. Oppenheimer downgraded American Tower from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $305.00 to $300.00 in a report on Friday, September 10th. Finally, Credit Suisse Group increased their price target on American Tower from $324.00 to $328.00 and gave the company an “outperform” rating in a research report on Friday, October 29th.

Shares of NYSE AMT opened at $265.48 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 3.32. The business’s 50 day moving average is $274.03 and its two-hundred day moving average is $274.66. The company has a market cap of $120.90 billion, a P/E ratio of 48.27, a P/E/G ratio of 2.18 and a beta of 0.30. American Tower has a 12 month low of $197.50 and a 12 month high of $303.72.

American Tower (NYSE:AMT) last released its quarterly earnings data on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.69). The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.41 billion. American Tower had a net margin of 27.44% and a return on equity of 39.34%. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.23 earnings per share. Sell-side analysts expect that American Tower will post 9.18 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th were issued a dividend of $1.31 per share. This is a positive change from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend was Monday, September 27th. American Tower’s dividend payout ratio is currently 95.27%.

In related news, Director David E. Sharbutt sold 739 shares of the firm’s stock in a transaction that occurred on Friday, September 3rd. The shares were sold at an average price of $300.71, for a total transaction of $222,224.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joann A. Reed sold 866 shares of American Tower stock in a transaction that occurred on Tuesday, November 16th. The stock was sold at an average price of $260.50, for a total transaction of $225,593.00. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of American Tower by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 57,918,458 shares of the real estate investment trust’s stock worth $15,646,092,000 after buying an additional 1,177,194 shares during the last quarter. BlackRock Inc. boosted its position in American Tower by 0.5% in the 3rd quarter. BlackRock Inc. now owns 34,334,510 shares of the real estate investment trust’s stock valued at $9,112,721,000 after buying an additional 157,675 shares during the period. State Street Corp boosted its position in American Tower by 5.0% in the 2nd quarter. State Street Corp now owns 18,105,368 shares of the real estate investment trust’s stock valued at $4,913,452,000 after buying an additional 867,164 shares during the period. Geode Capital Management LLC boosted its position in American Tower by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 8,538,430 shares of the real estate investment trust’s stock valued at $2,261,155,000 after buying an additional 179,469 shares during the period. Finally, Northern Trust Corp boosted its position in American Tower by 1.5% in the 2nd quarter. Northern Trust Corp now owns 6,875,915 shares of the real estate investment trust’s stock valued at $1,857,459,000 after buying an additional 100,395 shares during the period. Hedge funds and other institutional investors own 89.57% of the company’s stock.

About American Tower

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Analyst Recommendations for American Tower (NYSE:AMT)

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