American Tower (NYSE:AMT) Given New $221.00 Price Target at Mizuho

American Tower (NYSE:AMT) had its price objective upped by Mizuho from $205.00 to $221.00 in a research report released on Thursday morning, Benzinga reports. Mizuho currently has a neutral rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on the stock. Barclays cut their target price on shares of American Tower from $234.00 to $223.00 and set an overweight rating on the stock in a research note on Thursday, May 30th. JPMorgan Chase & Co. raised their price objective on American Tower from $230.00 to $240.00 and gave the stock an overweight rating in a research report on Wednesday, July 31st. The Goldman Sachs Group assumed coverage on shares of American Tower in a research report on Monday, July 1st. They issued a buy rating and a $230.00 price target for the company. StockNews.com raised shares of American Tower from a hold rating to a buy rating in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada raised their price target on shares of American Tower from $225.00 to $236.00 and gave the company an outperform rating in a report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, American Tower has a consensus rating of Moderate Buy and a consensus target price of $233.29.

American Tower Trading Up 0.6 %

Shares of NYSE AMT opened at $238.50 on Thursday. The business has a fifty day simple moving average of $221.05 and a 200-day simple moving average of $201.23. The company has a market cap of $111.40 billion, a price-to-earnings ratio of 53.96, a P/E/G ratio of 1.57 and a beta of 0.83. American Tower has a 12 month low of $154.58 and a 12 month high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the previous year, the business earned $2.46 earnings per share. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. Sell-side analysts predict that American Tower will post 10.18 EPS for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.72%. American Tower’s payout ratio is 146.61%.

Insiders Place Their Bets

In other news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 in the last three months. Company insiders own 0.18% of the company’s stock.

Hedge Funds Weigh In On American Tower

A number of hedge funds have recently made changes to their positions in AMT. Vanguard Group Inc. raised its position in American Tower by 1.6% in the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock worth $12,248,812,000 after purchasing an additional 965,938 shares in the last quarter. Cohen & Steers Inc. raised its holdings in shares of American Tower by 3.7% in the 4th quarter. Cohen & Steers Inc. now owns 16,440,715 shares of the real estate investment trust’s stock worth $3,549,366,000 after buying an additional 583,892 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of American Tower by 21.9% during the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after buying an additional 2,839,570 shares during the period. Principal Financial Group Inc. boosted its stake in American Tower by 36.2% in the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after buying an additional 2,336,501 shares in the last quarter. Finally, Akre Capital Management LLC grew its position in American Tower by 0.5% in the fourth quarter. Akre Capital Management LLC now owns 6,804,599 shares of the real estate investment trust’s stock valued at $1,468,977,000 after acquiring an additional 36,375 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

About American Tower

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.