JPMorgan Chase & Co. Boosts American Tower (NYSE:AMT) Price Target to $220.00

American Tower (NYSE:AMT) had its price objective lifted by JPMorgan Chase & Co. from $200.00 to $220.00 in a research report released on Thursday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other brokerages also recently commented on AMT. Wells Fargo & Co downgraded American Tower from an outperform rating to a market perform rating and boosted their price objective for the stock from $190.00 to $196.00 in a research report on Monday, April 15th. They noted that the move was a valuation call. KeyCorp boosted their price objective on American Tower from $207.00 to $225.00 and gave the stock an overweight rating in a research report on Monday, July 15th. They noted that the move was a valuation call. UBS Group downgraded American Tower from a buy rating to a neutral rating and boosted their price objective for the stock from $195.00 to $222.00 in a research report on Friday, June 7th. SunTrust Banks boosted their price objective on American Tower to $230.00 and gave the stock a buy rating in a research report on Thursday. Finally, Royal Bank of Canada boosted their price objective on American Tower from $195.00 to $203.00 and gave the stock an outperform rating in a research report on Thursday, May 9th. Twelve investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $193.38.

Shares of American Tower stock traded up $4.06 on Thursday, reaching $215.47. 1,802,304 shares of the company were exchanged, compared to its average volume of 1,590,184. American Tower has a 1-year low of $140.40 and a 1-year high of $218.79. The company has a market capitalization of $93.45 billion, a P/E ratio of 26.97, a P/E/G ratio of 1.73 and a beta of 0.50. The company has a debt-to-equity ratio of 4.13, a quick ratio of 0.50 and a current ratio of 0.49. The stock’s 50 day moving average is $209.27.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.96 EPS for the quarter, missing the Zacks’ consensus estimate of $1.87 by ($0.91). American Tower had a return on equity of 24.75% and a net margin of 19.30%. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same period in the prior year, the firm posted $1.74 earnings per share. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts expect that American Tower will post 7.63 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, June 19th were issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.71%. This is an increase from American Tower’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Tuesday, June 18th. American Tower’s dividend payout ratio is 46.06%.

In related news, CEO James D. Taiclet, Jr. sold 57,438 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $201.40, for a total value of $11,568,013.20. Following the completion of the transaction, the chief executive officer now directly owns 255,414 shares of the company’s stock, valued at $51,440,379.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP William H. Hess sold 12,768 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $192.60, for a total value of $2,459,116.80. Following the completion of the transaction, the executive vice president now directly owns 62,663 shares of the company’s stock, valued at $12,068,893.80. The disclosure for this sale can be found here. Insiders sold 190,614 shares of company stock valued at $38,600,596 over the last ninety days. 0.75% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Comerica Securities Inc. boosted its position in shares of American Tower by 3.0% in the fourth quarter. Comerica Securities Inc. now owns 3,029 shares of the real estate investment trust’s stock worth $482,000 after purchasing an additional 87 shares during the period. Geode Capital Management LLC boosted its position in shares of American Tower by 11.1% in the fourth quarter. Geode Capital Management LLC now owns 5,244,004 shares of the real estate investment trust’s stock worth $827,966,000 after purchasing an additional 525,601 shares during the period. Nordea Investment Management AB boosted its position in shares of American Tower by 10.1% in the fourth quarter. Nordea Investment Management AB now owns 26,593 shares of the real estate investment trust’s stock worth $4,206,000 after purchasing an additional 2,448 shares during the period. Fulton Bank N.A. boosted its position in shares of American Tower by 16.5% in the first quarter. Fulton Bank N.A. now owns 2,200 shares of the real estate investment trust’s stock worth $434,000 after purchasing an additional 311 shares during the period. Finally, Dorsey Wright & Associates bought a new position in shares of American Tower in the first quarter worth approximately $3,626,000. 94.11% of the stock is owned by hedge funds and other institutional investors.

American Tower Company Profile

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.

Featured Story: Stop Order

Analyst Recommendations for American Tower (NYSE:AMT)

Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.