American Tower (NYSE:AMT) Price Target Cut to $220.00 by Analysts at BMO Capital Markets

American Tower (NYSE:AMT) had its price target decreased by BMO Capital Markets from $228.00 to $220.00 in a research note issued to investors on Wednesday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the real estate investment trust’s stock.

Several other analysts also recently weighed in on AMT. Barclays upped their price target on American Tower from $224.00 to $234.00 and gave the stock an overweight rating in a research note on Tuesday, March 5th. Raymond James raised American Tower from an outperform rating to a strong-buy rating and increased their target price for the stock from $226.00 to $248.00 in a research note on Wednesday. Mizuho assumed coverage on American Tower in a research report on Monday, April 8th. They issued a neutral rating and a $205.00 price target for the company. JPMorgan Chase & Co. cut their price objective on shares of American Tower from $236.00 to $230.00 and set an overweight rating on the stock in a research report on Wednesday, February 28th. Finally, Morgan Stanley lifted their target price on shares of American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $221.91.

American Tower Stock Performance

Shares of American Tower stock opened at $181.74 on Wednesday. American Tower has a 12 month low of $154.58 and a 12 month high of $219.10. The firm has a market capitalization of $84.75 billion, a P/E ratio of 41.12, a P/E/G ratio of 1.43 and a beta of 0.71. The company has a current ratio of 0.85, a quick ratio of 0.69 and a debt-to-equity ratio of 3.39. The business has a fifty day simple moving average of $189.15 and a two-hundred day simple moving average of $194.39.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company’s revenue was up 2.4% on a year-over-year basis. During the same period last year, the business earned $2.54 earnings per share. On average, equities analysts forecast that American Tower will post 9.96 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were issued a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.57%. American Tower’s payout ratio is 146.61%.

Insider Buying and Selling

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now directly owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the sale, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Cross Staff Investments Inc lifted its position in 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 valued at $1,085,000 after purchasing an additional 244 shares in the last quarter. Gateway Investment Advisers LLC grew its stake in shares of American Tower by 57.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock valued at $7,718,000 after acquiring an additional 13,074 shares during the period. Anchor Capital Advisors LLC increased its holdings in American Tower by 38.1% in 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 acquiring an additional 21,139 shares in the last quarter. Victory Capital Management Inc. raised its stake in American Tower by 0.5% during the 3rd quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust’s stock worth $29,155,000 after acquiring an additional 806 shares during the period. Finally, FAS Wealth Partners Inc. purchased a new position in American Tower during the fourth quarter valued at approximately $2,001,000. Hedge funds and other institutional investors own 92.69% 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.