American Tower (NYSE:AMT) Lifted to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of American Tower (NYSE:AMTGet Rating) from an underweight rating to an overweight rating in a report issued on Tuesday, Marketbeat reports. The firm currently has $285.00 price target on the real estate investment trust’s stock, up from their prior price target of $245.00.

Several other research firms have also recently issued reports on AMT. KeyCorp lowered their target price on shares of American Tower from $311.00 to $286.00 and set an overweight rating on the stock in a research note on Friday, February 25th. Cowen decreased their price target on shares of American Tower from $350.00 to $325.00 in a report on Friday, February 25th. Credit Suisse Group decreased their price target on shares of American Tower from $325.00 to $300.00 and set an outperform rating on the stock in a report on Tuesday, March 1st. Deutsche Bank Aktiengesellschaft decreased their price target on shares of American Tower from $288.00 to $260.00 and set a hold rating on the stock in a report on Monday, February 28th. Finally, Wells Fargo & Company increased their price target on shares of American Tower from $250.00 to $280.00 and gave the stock an overweight rating in a report on Friday, March 11th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $292.21.

Shares of AMT stock opened at $258.31 on Tuesday. American Tower has a 12 month low of $220.00 and a 12 month high of $303.72. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 4.12. The stock has a market capitalization of $120.04 billion, a P/E ratio of 44.69, a PEG ratio of 2.41 and a beta of 0.48. The firm’s 50 day moving average is $248.31 and its 200 day moving average is $251.37.

American Tower (NYSE:AMTGet Rating) last posted its earnings results on Wednesday, April 27th. The real estate investment trust reported $1.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.41 by ($0.85). American Tower had a return on equity of 30.44% and a net margin of 26.72%. The firm had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the prior year, the company earned $2.46 earnings per share. The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. On average, equities analysts predict that American Tower will post 9.65 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 8th. Investors of record on Friday, June 17th will be issued a dividend of $1.43 per share. The ex-dividend date is Thursday, June 16th. This represents a $5.72 annualized dividend and a dividend yield of 2.21%. This is a positive change from American Tower’s previous quarterly dividend of $1.40. American Tower’s dividend payout ratio (DPR) is currently 98.96%.

In other American Tower news, CFO Rodney M. Smith sold 25,389 shares of the firm’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $270.00, for a total value of $6,855,030.00. Following the sale, the chief financial officer now owns 52,398 shares of the company’s stock, valued at approximately $14,147,460. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert D. Hormats sold 200 shares of the firm’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $235.40, for a total transaction of $47,080.00. Following the completion of the sale, the director now directly owns 6,721 shares in the company, valued at approximately $1,582,123.40. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Legacy Private Trust Co. increased its stake in American Tower by 8.7% during the 1st quarter. Legacy Private Trust Co. now owns 1,152 shares of the real estate investment trust’s stock valued at $289,000 after purchasing an additional 92 shares in the last quarter. Greenwich Wealth Management LLC bought a new stake in American Tower during the 4th quarter valued at about $1,077,000. Evergreen Capital Management LLC increased its stake in American Tower by 3.0% during the 4th quarter. Evergreen Capital Management LLC now owns 1,655 shares of the real estate investment trust’s stock valued at $484,000 after purchasing an additional 48 shares in the last quarter. Segall Bryant & Hamill LLC increased its stake in American Tower by 2.3% during the 4th quarter. Segall Bryant & Hamill LLC now owns 25,307 shares of the real estate investment trust’s stock valued at $7,412,000 after purchasing an additional 574 shares in the last quarter. Finally, Compton Wealth Advisory Group LLC increased its stake in American Tower by 23.3% during the 4th quarter. Compton Wealth Advisory Group LLC now owns 3,597 shares of the real estate investment trust’s stock valued at $1,052,000 after purchasing an additional 679 shares in the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

American Tower Company Profile (Get Rating)

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.

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