KeyCorp Increases American Tower (AMT) Price Target to $170.00

American Tower (NYSE:AMT) had its price target increased by KeyCorp from $165.00 to $170.00 in a research report released on Wednesday, MarketBeat reports. They currently have an overweight rating on the real estate investment trust’s stock.

AMT has been the topic of several other research reports. Citigroup lowered shares of American Tower from a buy rating to a neutral rating and boosted their target price for the company from $161.00 to $176.00 in a report on Wednesday. Zacks Investment Research upgraded shares of American Tower from a sell rating to a hold rating in a report on Thursday, October 18th. ValuEngine upgraded shares of American Tower from a hold rating to a buy rating in a report on Thursday, October 11th. Argus boosted their target price on shares of American Tower from $154.00 to $165.00 and gave the company a buy rating in a report on Monday, August 20th. Finally, Morgan Stanley boosted their target price on shares of American Tower from $154.00 to $160.00 and gave the company an overweight rating in a report on Thursday, August 16th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. American Tower presently has a consensus rating of Buy and an average price target of $164.20.

Shares of American Tower stock opened at $152.06 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 3.11. American Tower has a twelve month low of $130.37 and a twelve month high of $161.71. The firm has a market capitalization of $68.69 billion, a P/E ratio of 23.83, a price-to-earnings-growth ratio of 1.62 and a beta of 0.59.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.02. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the firm posted $1.73 earnings per share. American Tower’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, sell-side analysts predict that American Tower will post 7.59 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 17th. Stockholders of record on Friday, September 28th were issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $3.16 annualized dividend and a dividend yield of 2.08%. This is a positive change from American Tower’s previous quarterly dividend of $0.77. American Tower’s dividend payout ratio is currently 49.53%.

In other news, Director Pamela D. A. Reeve sold 7,152 shares of the company’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $148.92, for a total transaction of $1,065,075.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman James D. Taiclet, Jr. sold 43,808 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $150.65, for a total transaction of $6,599,675.20. The disclosure for this sale can be found here. Insiders have sold 242,126 shares of company stock worth $37,410,060 in the last quarter. Company insiders own 0.87% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mount Yale Investment Advisors LLC increased its position in shares of American Tower by 354.4% during the second quarter. Mount Yale Investment Advisors LLC now owns 718 shares of the real estate investment trust’s stock worth $104,000 after acquiring an additional 560 shares in the last quarter. Kaizen Advisory LLC increased its position in shares of American Tower by 140.6% during the second quarter. Kaizen Advisory LLC now owns 1,008 shares of the real estate investment trust’s stock worth $145,000 after acquiring an additional 589 shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of American Tower by 75.0% during the second quarter. Valeo Financial Advisors LLC now owns 1,029 shares of the real estate investment trust’s stock worth $153,000 after acquiring an additional 441 shares in the last quarter. RMR Advisors LLC bought a new stake in shares of American Tower during the second quarter worth about $173,000. Finally, Sun Life Financial INC increased its position in shares of American Tower by 311.3% during the second quarter. Sun Life Financial INC now owns 1,197 shares of the real estate investment trust’s stock worth $173,000 after acquiring an additional 906 shares in the last quarter. Hedge funds and other institutional investors own 93.35% 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 170,000 communications sites.

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