American Tower (NYSE:AMT) Given New $235.00 Price Target at Citigroup

American Tower (NYSE:AMT - Free Report) had its target price upped by Citigroup from $220.00 to $235.00 in a report published on Monday,Benzinga reports. They currently have a buy rating on the real estate investment trust's stock.

A number of other research analysts also recently commented on AMT. Scotiabank reduced their price objective on shares of American Tower from $236.00 to $220.00 and set a "sector outperform" rating on the stock in a research note on Thursday, January 23rd. Barclays reduced their price target on shares of American Tower from $215.00 to $214.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 28th. Citizens Jmp raised American Tower to a "strong-buy" rating in a report on Monday, January 27th. Hsbc Global Res raised American Tower to a "strong-buy" rating in a report on Thursday, February 27th. Finally, JMP Securities started coverage on American Tower in a report on Monday, January 27th. They issued an "outperform" rating and a $225.00 price target for the company. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $226.29.

American Tower Stock Down 1.3 %

Shares of American Tower stock traded down $2.63 during trading hours on Monday, hitting $207.15. 324,609 shares of the company's stock traded hands, compared to its average volume of 2,227,960. American Tower has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a market cap of $96.83 billion, a PE ratio of 87.38, a PEG ratio of 1.29 and a beta of 0.85. 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 stock has a 50 day simple moving average of $190.77 and a 200-day simple moving average of $206.04.

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American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same quarter last year, the firm earned $2.29 EPS. American Tower's quarterly revenue was up 3.7% on a year-over-year basis. Equities research analysts anticipate that American Tower will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Friday, April 11th. This is a boost from American Tower's previous quarterly dividend of $1.62. American Tower's dividend payout ratio (DPR) is 141.37%.

Insider Activity at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated Thursday, January 16th. The stock was 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 owns 62,792 shares of the company's stock, valued at $11,371,631.20. The trade was a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by insiders.

Institutional Investors Weigh In On American Tower

A number of institutional investors have recently modified their holdings of AMT. Norges Bank purchased a new stake in shares of American Tower during the 4th quarter worth about $1,164,851,000. Cohen & Steers Inc. raised its position in 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 valued at $3,516,890,000 after acquiring an additional 3,437,602 shares in the last quarter. Capital Research Global Investors lifted its stake in 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 acquiring an additional 3,421,413 shares during the last quarter. Capital World Investors increased its stake in shares of American Tower by 160.6% during the 4th quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock worth $902,396,000 after purchasing an additional 3,032,005 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust's stock valued at $2,474,934,000 after purchasing an additional 2,152,646 shares in the last quarter. Institutional investors and hedge funds 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.