American Tower (NYSE:AMT) PT Raised to $240.00 at JPMorgan Chase & Co.

American Tower (NYSE:AMT) had its target price hoisted by JPMorgan Chase & Co. from $230.00 to $240.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group started coverage on shares of American Tower in a research note on Monday, July 1st. They issued a buy rating and a $230.00 price target on the stock. BMO Capital Markets restated an outperform rating and set a $246.00 price target (up previously from $225.00) on shares of American Tower in a research report on Wednesday. Scotiabank decreased their price target on shares of American Tower from $243.00 to $223.00 and set a sector outperform rating on the stock in a research note on Wednesday, May 1st. Wells Fargo & Company boosted their price objective on American Tower from $200.00 to $225.00 and gave the stock an overweight rating in a research note on Monday, July 15th. Finally, Raymond James upgraded American Tower from an outperform rating to a strong-buy rating and raised their target price for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $230.42.

American Tower Stock Up 2.9 %

AMT stock opened at $234.64 on Wednesday. American Tower has a one year low of $154.58 and a one year high of $236.00. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.85 and a current ratio of 0.81. The firm’s fifty day moving average is $201.02 and its 200 day moving average is $194.19. The firm has a market cap of $109.57 billion, a PE ratio of 53.09, a P/E/G ratio of 1.60 and a beta 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 analysts’ consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $2.46 earnings per share. On average, research analysts forecast that American Tower will post 10.04 EPS for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s dividend payout ratio is presently 146.61%.

Insider Activity at American Tower

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by insiders.

Hedge Funds Weigh In On American Tower

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cross Staff Investments Inc lifted its position in shares of American Tower by 5.1% during the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after purchasing an additional 244 shares in the last quarter. Anchor Capital Advisors LLC lifted its holdings in American Tower by 38.1% during the 4th quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after buying an additional 21,139 shares in the last quarter. Meyer Handelman Co. purchased a new position in American Tower in the 1st quarter valued at approximately $801,000. TD Asset Management Inc grew its stake in shares of American Tower by 23.2% in the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after acquiring an additional 51,882 shares in the last quarter. Finally, Kingsview Wealth Management LLC boosted its stake in shares of 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 valued at $7,613,000 after buying an additional 4,660 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

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.