American Tower (NYSE:AMT) Upgraded by Oppenheimer to “Outperform”

Oppenheimer upgraded shares of American Tower (NYSE:AMT) from a market perform rating to an outperform rating in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. Oppenheimer currently has $270.00 price objective on the real estate investment trust’s stock.

Other equities analysts also recently issued research reports about the company. Citigroup raised American Tower from a neutral rating to a buy rating and set a $280.00 price target on the stock in a research report on Thursday, March 5th. KeyCorp increased their price target on American Tower from $254.00 to $273.00 and gave the stock an overweight rating in a research report on Wednesday, February 26th. New Street Research raised American Tower from a neutral rating to a buy rating in a research report on Thursday, March 12th. Edward Jones raised American Tower from a hold rating to a buy rating in a research report on Tuesday, March 24th. Finally, Wells Fargo & Co raised their price objective on American Tower from $265.00 to $272.00 and gave the company an overweight rating in a research report on Wednesday, May 6th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $257.38.

AMT stock traded up $14.27 during midday trading on Friday, reaching $242.43. The company’s stock had a trading volume of 2,812,237 shares, compared to its average volume of 1,978,653. The company has a debt-to-equity ratio of 6.91, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a fifty day simple moving average of $239.56 and a two-hundred day simple moving average of $229.48. American Tower has a 1 year low of $174.32 and a 1 year high of $260.43. The firm has a market capitalization of $101.14 billion, a price-to-earnings ratio of 56.78, a PEG ratio of 1.94 and a beta of 0.44.

American Tower (NYSE:AMT) last released its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.12). American Tower had a return on equity of 35.63% and a net margin of 24.55%. The business had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. During the same quarter in the previous year, the business earned $1.84 EPS. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, analysts forecast that American Tower will post 8 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, June 18th. This is an increase from American Tower’s previous quarterly dividend of $1.08. American Tower’s dividend payout ratio (DPR) is currently 55.89%.

In other news, Director David E. Sharbutt sold 2,200 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $243.60, for a total value of $535,920.00. Following the completion of the transaction, the director now directly owns 4,097 shares in the company, valued at $998,029.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $238.11, for a total value of $1,533,190.29. Following the completion of the transaction, the chief accounting officer now owns 37,120 shares of the company’s stock, valued at $8,838,643.20. The disclosure for this sale can be found here. In the last three months, insiders sold 14,392 shares of company stock valued at $3,343,752. Corporate insiders own 0.65% of the company’s stock.

Several large investors have recently made changes to their positions in the company. State Street Corp raised its stake in shares of American Tower by 6.8% in the fourth quarter. State Street Corp now owns 19,878,737 shares of the real estate investment trust’s stock worth $4,588,391,000 after purchasing an additional 1,266,057 shares during the last quarter. Cohen & Steers Inc. raised its position in American Tower by 10.6% during the first quarter. Cohen & Steers Inc. now owns 9,985,028 shares of the real estate investment trust’s stock valued at $2,174,240,000 after acquiring an additional 953,901 shares in the last quarter. Edgewood Management LLC raised its position in American Tower by 1.6% during the first quarter. Edgewood Management LLC now owns 8,701,999 shares of the real estate investment trust’s stock valued at $1,894,860,000 after acquiring an additional 139,173 shares in the last quarter. Geode Capital Management LLC raised its position in American Tower by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 6,368,646 shares of the real estate investment trust’s stock valued at $1,460,474,000 after acquiring an additional 200,746 shares in the last quarter. Finally, Capital International Investors raised its position in American Tower by 5.3% during the first quarter. Capital International Investors now owns 6,205,812 shares of the real estate investment trust’s stock valued at $1,351,322,000 after acquiring an additional 312,957 shares in the last quarter. Hedge funds and other institutional investors own 91.73% 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 approximately 171,000 communications sites.

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Analyst Recommendations for American Tower (NYSE:AMT)

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