American Tower (NYSE:AMT) Upgraded to Buy by Edward Jones

Edward Jones upgraded shares of American Tower (NYSE:AMT) from a hold rating to a buy rating in a report issued on Tuesday morning, BenzingaRatingsTable reports.

AMT has been the topic of a number of other research reports. KeyCorp upped their price objective on shares of American Tower from $254.00 to $273.00 and gave the stock an overweight rating in a report on Wednesday, February 26th. New Street Research upgraded shares of American Tower from a neutral rating to a buy rating in a report on Thursday, March 12th. Credit Suisse Group restated a hold rating and issued a $265.00 price objective on shares of American Tower in a report on Wednesday, February 26th. Citigroup upgraded shares of American Tower from a neutral rating to a buy rating and set a $280.00 price objective on the stock in a report on Thursday, March 5th. Finally, Goldman Sachs Group upgraded shares of American Tower from a neutral rating to a buy rating and increased their price target for the company from $204.00 to $270.00 in a report on Monday, January 13th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $239.50.

NYSE:AMT traded up $8.99 during midday trading on Tuesday, hitting $199.26. The company had a trading volume of 3,201,548 shares, compared to its average volume of 2,321,523. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 5.03. The company has a market capitalization of $79.32 billion, a PE ratio of 47.11, a P/E/G ratio of 1.21 and a beta of 0.41. The stock’s fifty day moving average price is $235.54 and its 200-day moving average price is $225.48. American Tower has a 52-week low of $174.32 and a 52-week high of $258.62.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.60). American Tower had a return on equity of 32.51% and a net margin of 24.90%. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the prior year, the firm earned $0.62 earnings per share. The business’s revenue for the quarter was down 9.8% on a year-over-year basis. As a group, research analysts forecast that American Tower will post 8.32 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 29th. Stockholders of record on Tuesday, April 14th will be issued a dividend of $1.08 per share. This is a boost from American Tower’s previous quarterly dividend of $1.01. The ex-dividend date is Monday, April 13th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.17%. American Tower’s dividend payout ratio is presently 52.26%.

In related news, EVP Steven O. Vondran sold 1,261 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $229.68, for a total transaction of $289,626.48. Following the transaction, the executive vice president now owns 28,705 shares in the company, valued at $6,592,964.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Olivier Puech sold 1,186 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $222.71, for a total transaction of $264,134.06. Following the transaction, the executive vice president now owns 19,626 shares in the company, valued at approximately $4,370,906.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,144 shares of company stock worth $2,332,308. Corporate insiders own 0.75% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMT. Arrow Financial Corp grew its stake in American Tower by 111.7% during the fourth quarter. Arrow Financial Corp now owns 3,222 shares of the real estate investment trust’s stock valued at $740,000 after acquiring an additional 1,700 shares in the last quarter. Compass Ion Advisors LLC purchased a new position in shares of American Tower in the 4th quarter worth $202,000. Raymond James Trust N.A. grew its stake in shares of American Tower by 2.1% in the 4th quarter. Raymond James Trust N.A. now owns 7,413 shares of the real estate investment trust’s stock worth $1,704,000 after buying an additional 156 shares in the last quarter. Cibc Bank USA grew its stake in shares of American Tower by 7.8% in the 4th quarter. Cibc Bank USA now owns 3,389 shares of the real estate investment trust’s stock worth $779,000 after buying an additional 246 shares in the last quarter. Finally, Strategic Blueprint LLC grew its stake in shares of American Tower by 61.5% in the 4th quarter. Strategic Blueprint LLC now owns 1,121 shares of the real estate investment trust’s stock worth $258,000 after buying an additional 427 shares in the last quarter. Institutional investors and hedge funds own 92.24% 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 approximately 171,000 communications sites.

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Analyst Recommendations for American Tower (NYSE:AMT)

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