American Tower (NYSE:AMT) Given New $220.00 Price Target at Scotiabank

American Tower (NYSE:AMT) had its price objective trimmed by Scotiabank from $236.00 to $220.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the real estate investment trust’s stock.

Other research analysts also recently issued research reports about the company. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Barclays reduced their price target on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Wells Fargo & Company cut their price objective on American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday. The Goldman Sachs Group lowered their target price on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, BMO Capital Markets reduced their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average price target of $226.42.

American Tower Stock Up 0.6 %

Shares of NYSE AMT opened at $186.31 on Thursday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a 50-day moving average price of $192.48 and a 200 day moving average price of $211.29. American Tower has a 52 week low of $170.46 and a 52 week high of $243.56. The stock has a market capitalization of $87.06 billion, a price-to-earnings ratio of 78.61, a price-to-earnings-growth ratio of 1.24 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period last year, the firm earned $2.58 EPS. American Tower’s revenue was down 10.5% compared to the same quarter last year. Equities research analysts anticipate that American Tower will post 10.15 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.48%. American Tower’s payout ratio is 273.42%.

Insider Buying and Selling at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On American Tower

Hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC raised its stake in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Northwest Investment Counselors LLC acquired a new stake in American Tower during the 3rd quarter valued at $30,000. Hara Capital LLC purchased a new stake in American Tower during the 3rd quarter worth $31,000. Legacy Investment Solutions LLC acquired a new position in American Tower in the 3rd quarter worth $34,000. Finally, Activest Wealth Management boosted its position in American Tower by 431.0% in the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 125 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other 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.