American Tower (NYSE:AMT) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of American Tower (NYSE:AMT) from an equal weight rating to an overweight rating in a research note issued to investors on Monday morning, Marketbeat reports. They currently have $230.00 target price on the real estate investment trust’s stock, up from their prior target price of $210.00.

AMT has been the subject of several other reports. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a research note on Thursday, February 27th. The Goldman Sachs Group cut their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Citigroup raised their price objective on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. BMO Capital Markets upped their target price on American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Finally, Scotiabank reduced their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday, January 23rd. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $228.79.

American Tower Price Performance

NYSE AMT opened at $213.83 on Monday. American Tower has a 12-month low of $170.46 and a 12-month high of $243.56. The firm’s 50 day moving average is $194.43 and its 200-day moving average is $205.60. The company has a market capitalization of $99.95 billion, a PE ratio of 90.22, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.83. The company had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.51 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.29 EPS. Equities research analysts anticipate that American Tower will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be issued a dividend of $1.70 per share. This is a boost from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Friday, April 11th. American Tower’s payout ratio is 141.37%.

Insider Activity

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.18% of the company’s stock.

Institutional Trading of American Tower

Several large investors have recently made changes to their positions in the company. Glenview Trust co grew its stake in shares of American Tower by 0.8% in the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after acquiring an additional 54 shares in the last quarter. CreativeOne Wealth LLC raised its stake in American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock valued at $477,000 after acquiring an additional 54 shares during the period. Rehmann Capital Advisory Group boosted its holdings in American Tower by 4.2% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock worth $332,000 after buying an additional 58 shares during the period. Precedent Wealth Partners LLC grew its position in shares of American Tower by 4.7% in the fourth quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 58 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC increased its position in shares of American Tower by 1.1% during the fourth quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust’s stock valued at $978,000 after buying an additional 58 shares during the period. 92.69% 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.