Barclays Cuts American Tower (NYSE:AMT) Price Target to $251.00

American Tower (NYSE:AMT - Free Report) had its price target lowered by Barclays from $255.00 to $251.00 in a research note released on Monday,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust's stock.

A number of other research firms have also weighed in on AMT. JPMorgan Chase & Co. increased their price objective on American Tower from $240.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, September 23rd. Deutsche Bank Aktiengesellschaft increased their price objective on American Tower from $212.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, August 14th. TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the company a "buy" rating in a research note on Wednesday, July 31st. Mizuho increased their price objective on American Tower from $205.00 to $221.00 and gave the company a "neutral" rating in a research note on Thursday, September 12th. Finally, BMO Capital Markets dropped their price objective on American Tower from $255.00 to $245.00 and set an "outperform" rating for the company in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $235.54.

American Tower Price Performance

Shares of AMT traded up $2.39 during trading hours on Monday, reaching $198.84. 2,151,376 shares of the company's stock traded hands, compared to its average volume of 2,322,430. The stock has a market cap of $92.92 billion, a PE ratio of 83.34, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm's 50 day simple moving average is $222.51 and its 200-day simple moving average is $211.10. American Tower has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts' consensus estimates of $2.45 by ($1.56). The firm had revenue of $2.52 billion for the quarter, compared to analysts' expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business's quarterly revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.58 earnings per share. Equities analysts expect that American Tower will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.26%. American Tower's dividend payout ratio (DPR) is 273.42%.

Hedge Funds Weigh In On American Tower

Institutional investors and hedge funds have recently modified their holdings of the stock. Cultivar Capital Inc. bought a new position in shares of American Tower during the second quarter valued at $25,000. Fortitude Family Office LLC increased its holdings 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 acquiring an additional 78 shares in the last quarter. Fairscale Capital LLC purchased a new stake in shares of American Tower during the second quarter valued at $27,000. Hobbs Group Advisors LLC purchased a new stake in shares of American Tower during the second quarter valued at $29,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the third quarter valued at $30,000. 92.69% of the stock is currently 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.