JPMorgan Chase & Co. Boosts American Tower (NYSE:AMT) Price Target to $250.00

American Tower (NYSE:AMT) had its price objective boosted by JPMorgan Chase & Co. from $240.00 to $250.00 in a research note published on Monday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

AMT has been the subject of a number of other reports. The Goldman Sachs Group began coverage on American Tower in a report on Monday, July 1st. They issued a buy rating and a $230.00 target price for the company. TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of American Tower from $212.00 to $235.00 and gave the company a buy rating in a research note on Wednesday, August 14th. Wells Fargo & Company increased their target price on shares of American Tower from $225.00 to $245.00 and gave the stock an overweight rating in a research report on Wednesday, July 31st. Finally, Barclays reduced their price target on shares of American Tower from $234.00 to $223.00 and set an overweight rating on the stock in a research report on Thursday, May 30th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $234.00.

American Tower Stock Down 0.3 %

AMT opened at $235.69 on Monday. The company has a market capitalization of $110.09 billion, a P/E ratio of 53.24, a P/E/G ratio of 1.08 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The firm’s fifty day moving average price is $225.65 and its two-hundred day moving average price is $202.82. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the firm posted $2.46 earnings per share. American Tower’s revenue was up 4.7% on a year-over-year basis. On average, analysts anticipate that American Tower will post 10.15 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a $1.62 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.75%. American Tower’s dividend payout ratio is currently 146.61%.

Insider Buying and Selling at American Tower

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, 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. Over the last ninety days, insiders have sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is currently owned by insiders.

Hedge Funds Weigh In On American Tower

Institutional investors and hedge funds have recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new position in American Tower during the first quarter worth about $25,000. Cultivar Capital Inc. acquired a new stake in shares of American Tower during the second quarter worth about $25,000. Fairscale Capital LLC bought a new position in shares of American Tower during the 2nd quarter valued at about $27,000. Gold Investment Management Ltd. acquired a new position in shares of American Tower in the 4th quarter valued at approximately $28,000. Finally, Hobbs Group Advisors LLC acquired a new position in American Tower in the 2nd quarter worth $29,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Company Profile

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.