American Tower (NYSE:AMT) Reaches New 1-Year High at $222.79

American Tower Co. (NYSE:AMT)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $222.79 and last traded at $221.57, with a volume of 232018 shares traded. The stock had previously closed at $214.93.

Analysts Set New Price Targets

Several analysts have issued reports on the company. TD Cowen boosted their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company upped their price objective on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday. Mizuho started coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 target price for the company. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. Finally, StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $230.38.

American Tower Price Performance

The stock has a market capitalization of $106.44 billion, a PE ratio of 51.35, a price-to-earnings-growth ratio of 1.57 and a beta of 0.81. The business’s 50-day moving average price is $199.21 and its 200 day moving average price is $193.88. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.85 and a current ratio of 0.81.

American Tower (NYSE:AMT) last posted 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 business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the firm earned $2.46 earnings per share. American Tower’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts forecast that American Tower Co. will post 10.04 earnings per share for the current year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s dividend payout ratio is currently 146.61%.

Insider Buying and Selling at American Tower

In related news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the transaction, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On American Tower

Large investors have recently added to or reduced their stakes in the business. Cross Staff Investments Inc boosted its position in American Tower by 5.1% during the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock valued at $1,085,000 after buying an additional 244 shares during the period. Anchor Capital Advisors LLC grew its stake in shares of American Tower by 38.1% in the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after purchasing an additional 21,139 shares during the last quarter. Meyer Handelman Co. bought a new position in American Tower during the 1st quarter valued at approximately $801,000. TD Asset Management Inc raised its position in American Tower by 23.2% during the 4th quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after purchasing an additional 51,882 shares during the last quarter. Finally, Kingsview Wealth Management LLC lifted its holdings in American Tower by 13.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after buying an additional 4,660 shares during the period. Hedge funds and other institutional investors 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.