American Tower (NYSE:AMT) Given New $260.00 Price Target at UBS Group

American Tower (NYSE:AMT - Free Report) had its price objective upped by UBS Group from $250.00 to $260.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the real estate investment trust's stock.

A number of other research firms have also commented on AMT. Scotiabank increased their price target on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Citigroup boosted their price objective on American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Raymond James Financial upped their target price on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research report on Wednesday, April 30th. Royal Bank Of Canada lifted their price objective on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Finally, JMP Securities upped their price objective on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $240.88.

American Tower Price Performance

NYSE AMT traded down $0.47 during trading on Tuesday, reaching $220.23. 519,023 shares of the company traded hands, compared to its average volume of 2,499,700. American Tower has a 1-year low of $172.51 and a 1-year high of $243.56. The company has a market cap of $103.10 billion, a price-to-earnings ratio of 56.61, a P/E/G ratio of 1.63 and a beta of 0.82. The stock's 50 day moving average price is $216.63 and its two-hundred day moving average price is $205.42. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81.

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 EPS for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the firm earned $2.79 EPS. American Tower's quarterly revenue was down 9.6% on a year-over-year basis. As a group, analysts anticipate that American Tower will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio is 174.81%.

Hedge Funds Weigh In On American Tower

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMT. Norges Bank acquired a new stake in American Tower in the 4th quarter valued at approximately $1,164,851,000. Nuveen LLC acquired a new position in American Tower during the 1st quarter worth approximately $991,525,000. Cohen & Steers Inc. grew its stake in shares of American Tower by 21.8% during the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock worth $3,516,890,000 after acquiring an additional 3,437,602 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of American Tower by 66.5% in the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock valued at $1,570,547,000 after purchasing an additional 3,421,413 shares during the last quarter. Finally, Capital World Investors raised its holdings in shares of American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock valued at $902,396,000 after purchasing an additional 3,032,005 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

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.