American Tower (NYSE:AMT) Price Target Raised to $260.00 at UBS Group

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

Other analysts also recently issued research reports about the company. JMP Securities lifted their price target on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research note on Wednesday, April 30th. Bank of America started coverage on American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. Citigroup lifted their price target on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Raymond James Financial lifted their target price on American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company lifted their target price on American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $240.88.

American Tower Trading Down 0.3%

American Tower stock traded down $0.70 during mid-day trading on Tuesday, hitting $221.13. 1,459,182 shares of the company's stock were exchanged, compared to its average volume of 2,503,683. The firm has a market capitalization of $103.52 billion, a P/E ratio of 56.85, a PEG ratio of 1.64 and a beta of 0.82. American Tower has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. The company's 50 day simple moving average is $216.55 and its 200-day simple moving average is $205.54.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm's revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.79 EPS. On average, equities analysts anticipate that American Tower will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio is presently 174.81%.

Institutional Investors Weigh In On American Tower

A number of institutional investors have recently made changes to their positions in AMT. Norges Bank bought a new stake in shares of American Tower during the fourth quarter worth approximately $1,164,851,000. Nuveen LLC bought a new stake in shares of American Tower during the first quarter worth approximately $991,525,000. Cohen & Steers Inc. boosted its holdings in shares of American Tower by 21.8% during the fourth 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 during the period. Capital Research Global Investors boosted its holdings in shares of American Tower by 66.5% during the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock worth $1,570,547,000 after acquiring an additional 3,421,413 shares during the period. Finally, Capital World Investors boosted its holdings in shares of American Tower by 160.6% during the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock worth $902,396,000 after acquiring an additional 3,032,005 shares during the period. Institutional investors own 92.69% 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.