American Tower (NYSE:AMT) Given New $230.00 Price Target at Wells Fargo & Company

American Tower (NYSE:AMT) had its price objective trimmed by Wells Fargo & Company from $240.00 to $230.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the stock. Raymond James Financial upped their price objective on shares of American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. Morgan Stanley assumed coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price objective for the company. BMO Capital Markets dropped their price objective on shares of American Tower from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, HSBC cut shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price objective for the company. in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus price target of $243.00.

American Tower Trading Down 2.7%

Shares of American Tower stock opened at $208.87 on Wednesday. The firm has a 50-day simple moving average of $218.76 and a two-hundred day simple moving average of $209.88. The company has a market cap of $97.78 billion, a P/E ratio of 75.95, a price-to-earnings-growth ratio of 1.18 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 debt-to-equity ratio of 3.36, a quick ratio of 0.81 and a current ratio of 0.95.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the firm posted $2.79 earnings per share. The company’s revenue was down 9.4% compared to the same quarter last year. As a group, equities analysts predict that American Tower will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.26%. American Tower’s dividend payout ratio is presently 174.81%.

Institutional Investors Weigh In On American Tower

Hedge funds have recently bought and sold shares of the stock. North Capital Inc. acquired a new stake in American Tower during the 1st quarter worth $25,000. Hopwood Financial Services Inc. raised its stake in American Tower by 100.0% during the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 60 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new stake in American Tower during the 1st quarter worth $31,000. Lowe Wealth Advisors LLC raised its stake in American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 109 shares in the last quarter. Finally, Minot DeBlois Advisors LLC acquired a new stake in American Tower during the 4th quarter worth $29,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.