KeyCorp Raises American Tower (NYSE:AMT) Price Target to $285.00

American Tower (NYSE:AMT) had its price target raised by KeyCorp from $275.00 to $285.00 in a research note released on Tuesday, The Fly reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other research firms have also issued reports on AMT. Cowen dropped their target price on shares of American Tower from $334.00 to $324.00 and set an outperform rating for the company in a report on Friday, February 26th. Morgan Stanley upped their target price on shares of American Tower from $248.00 to $262.00 and gave the stock an equal weight rating in a report on Monday, April 19th. Raymond James upped their target price on shares of American Tower from $244.00 to $261.00 and gave the stock an outperform rating in a report on Tuesday, May 4th. Zacks Investment Research lowered shares of American Tower from a buy rating to a hold rating and set a $227.00 price objective for the company. in a report on Tuesday, March 2nd. Finally, Wolfe Research started coverage on shares of American Tower in a report on Thursday, March 18th. They issued an outperform rating for the company. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has an average rating of Buy and an average target price of $276.67.

Shares of NYSE AMT opened at $270.82 on Tuesday. American Tower has a one year low of $197.50 and a one year high of $272.20. The stock has a market cap of $122.90 billion, a price-to-earnings ratio of 62.84, a PEG ratio of 2.08 and a beta of 0.23. The business has a fifty day moving average of $251.11. The company has a debt-to-equity ratio of 6.45, a quick ratio of 1.13 and a current ratio of 1.13.

American Tower (NYSE:AMT) last released its earnings results on Wednesday, April 28th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.25 by ($0.80). American Tower had a return on equity of 44.78% and a net margin of 23.40%. As a group, research analysts predict that American Tower will post 9.15 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 9th. Shareholders of record on Friday, June 18th will be given a $1.27 dividend. The ex-dividend date is Thursday, June 17th. This represents a $5.08 dividend on an annualized basis and a yield of 1.88%. This is a boost from American Tower’s previous quarterly dividend of $1.24. American Tower’s dividend payout ratio is presently 58.77%.

In other news, CFO Rodney M. Smith sold 18,657 shares of the stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $249.11, for a total transaction of $4,647,645.27. Following the sale, the chief financial officer now owns 69,640 shares of the company’s stock, valued at $17,348,020.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rodney M. Smith sold 1,533 shares of the stock in a transaction dated Monday, May 24th. The stock was sold at an average price of $250.80, for a total transaction of $384,476.40. Following the sale, the chief financial officer now directly owns 49,450 shares in the company, valued at approximately $12,402,060. The disclosure for this sale can be found here. Insiders sold 63,734 shares of company stock worth $15,758,862 in the last ninety days. 0.68% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Motco raised its holdings in American Tower by 3.4% in the fourth quarter. Motco now owns 1,371 shares of the real estate investment trust’s stock valued at $308,000 after acquiring an additional 45 shares in the last quarter. People s United Financial Inc. raised its holdings in American Tower by 2.8% in the fourth quarter. People s United Financial Inc. now owns 1,700 shares of the real estate investment trust’s stock valued at $382,000 after acquiring an additional 46 shares in the last quarter. Augustine Asset Management Inc. raised its holdings in American Tower by 0.6% in the first quarter. Augustine Asset Management Inc. now owns 7,132 shares of the real estate investment trust’s stock valued at $1,705,000 after acquiring an additional 46 shares in the last quarter. Accel Wealth Management raised its holdings in American Tower by 27.2% in the first quarter. Accel Wealth Management now owns 215 shares of the real estate investment trust’s stock valued at $51,000 after acquiring an additional 46 shares in the last quarter. Finally, Glenview Trust Co raised its holdings in American Tower by 3.7% in the fourth quarter. Glenview Trust Co now owns 1,312 shares of the real estate investment trust’s stock valued at $295,000 after acquiring an additional 47 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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 181,000 communications sites.

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