American Tower (NYSE:AMT) Price Target Raised to $250.00

American Tower (NYSE:AMT - Free Report) had its target price boosted by UBS Group from $245.00 to $250.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust's stock.

Several other research firms have also commented on AMT. BMO Capital Markets boosted their price target on American Tower from $210.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. JMP Securities initiated coverage on shares of American Tower in a research note on Monday, January 27th. They issued an "outperform" rating and a $225.00 target price for the company. Citizens Jmp raised shares of American Tower to a "strong-buy" rating in a report on Monday, January 27th. Citigroup boosted their price objective on shares of American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Finally, Barclays boosted their price target on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of "Buy" and an average target price of $239.27.

American Tower Trading Down 0.2 %

AMT stock traded down $0.54 during midday trading on Wednesday, reaching $223.49. 2,732,558 shares of the company's stock traded hands, compared to its average volume of 2,483,803. American Tower has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The business has a 50-day moving average price of $213.58 and a two-hundred day moving average price of $202.21. The company has a market capitalization of $104.47 billion, a P/E ratio of 94.30, a PEG ratio of 1.29 and a beta of 0.87. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping analysts' consensus estimates of $2.41 by $0.34. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. During the same period in the prior year, the company earned $2.79 EPS. The firm's revenue was down 9.6% on a year-over-year basis. Equities research analysts forecast that American Tower will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, April 11th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend was Friday, April 11th. This is a positive change from American Tower's previous quarterly dividend of $1.62. American Tower's dividend payout ratio (DPR) is 141.37%.

Hedge Funds Weigh In On American Tower

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new position in shares of American Tower during the 3rd quarter worth approximately $1,784,000. Destination Wealth Management raised its stake in American Tower by 2.7% in the third quarter. Destination Wealth Management now owns 94,992 shares of the real estate investment trust's stock valued at $22,091,000 after purchasing an additional 2,517 shares in the last quarter. Tidal Investments LLC lifted its position in American Tower by 5.4% during the third quarter. Tidal Investments LLC now owns 19,990 shares of the real estate investment trust's stock worth $4,649,000 after purchasing an additional 1,032 shares during the period. Franklin Resources Inc. grew its stake in American Tower by 0.9% during the third quarter. Franklin Resources Inc. now owns 4,422,273 shares of the real estate investment trust's stock worth $981,455,000 after buying an additional 38,436 shares in the last quarter. Finally, Inspire Trust Co. N.A. increased its holdings in American Tower by 19.3% in the 3rd quarter. Inspire Trust Co. N.A. now owns 7,800 shares of the real estate investment trust's stock valued at $1,814,000 after buying an additional 1,260 shares during the period. 92.69% of the stock is owned by institutional investors.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.