American Tower (NYSE:AMT) Rating Lowered to Hold at ValuEngine

ValuEngine downgraded shares of American Tower (NYSE:AMT) from a buy rating to a hold rating in a research note released on Wednesday, ValuEngine reports.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. upped their price target on American Tower from $200.00 to $220.00 and gave the company a neutral rating in a report on Thursday, August 1st. KeyCorp upped their price target on American Tower from $225.00 to $253.00 and gave the company an overweight rating in a report on Monday, August 19th. SunTrust Banks upped their price target on American Tower to $230.00 and gave the company a buy rating in a report on Thursday, August 1st. Morgan Stanley upped their price target on American Tower from $201.00 to $216.00 and gave the company an equal weight rating in a report on Thursday, September 19th. Finally, Citigroup lifted their price objective on shares of American Tower from $236.00 to $240.00 and gave the stock a neutral rating in a research report on Wednesday, September 4th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $206.87.

Shares of NYSE AMT traded up $2.03 during trading on Wednesday, hitting $225.93. The company had a trading volume of 1,538,024 shares, compared to its average volume of 1,777,382. The company has a market cap of $100.02 billion, a P/E ratio of 28.28, a PEG ratio of 1.79 and a beta of 0.44. American Tower has a 52 week low of $140.40 and a 52 week high of $242.00. The business’s 50-day moving average is $225.11 and its 200 day moving average is $208.90. The company has a debt-to-equity ratio of 4.13, a quick ratio of 0.49 and a current ratio of 0.49.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.87 by ($0.91). The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.83 billion. American Tower had a net margin of 19.30% and a return on equity of 24.75%. American Tower’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.74 EPS. On average, research analysts expect that American Tower will post 7.67 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 17th. Shareholders of record on Friday, September 27th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 1.68%. This is a boost from American Tower’s previous quarterly dividend of $0.92. The ex-dividend date is Thursday, September 26th. American Tower’s payout ratio is presently 47.56%.

In other news, EVP Edmund Disanto sold 63,686 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $221.06, for a total transaction of $14,078,427.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James D. Taiclet, Jr. sold 57,438 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $211.89, for a total transaction of $12,170,537.82. Following the transaction, the chief executive officer now owns 255,414 shares in the company, valued at $54,119,672.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 133,383 shares of company stock worth $29,059,241. Corporate insiders own 0.75% of the company’s stock.

Several institutional investors have recently bought and sold shares of AMT. First Trust Advisors LP grew its holdings in shares of American Tower by 64.2% during the 1st quarter. First Trust Advisors LP now owns 364,955 shares of the real estate investment trust’s stock valued at $71,918,000 after acquiring an additional 142,704 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of American Tower by 428.6% during the 1st quarter. Acadian Asset Management LLC now owns 6,348 shares of the real estate investment trust’s stock valued at $1,251,000 after acquiring an additional 5,147 shares in the last quarter. Sawtooth Solutions LLC grew its holdings in shares of American Tower by 14.5% during the 1st quarter. Sawtooth Solutions LLC now owns 4,866 shares of the real estate investment trust’s stock valued at $959,000 after acquiring an additional 616 shares in the last quarter. MML Investors Services LLC grew its holdings in shares of American Tower by 16.9% during the 1st quarter. MML Investors Services LLC now owns 15,359 shares of the real estate investment trust’s stock valued at $3,027,000 after acquiring an additional 2,226 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of American Tower by 214.5% during the 1st quarter. Rockefeller Capital Management L.P. now owns 23,864 shares of the real estate investment trust’s stock valued at $4,703,000 after acquiring an additional 16,275 shares in the last quarter. Institutional investors and hedge funds own 92.50% 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 approximately 171,000 communications sites.

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