KeyCorp Boosts American Tower (NYSE:AMT) Price Target to $300.00

American Tower (NYSE:AMTGet Rating) had its price target raised by KeyCorp from $283.00 to $300.00 in a research report report published on Tuesday, Marketbeat reports. The firm currently has an overweight rating on the real estate investment trust’s stock. KeyCorp also issued estimates for American Tower’s Q3 2022 earnings at $2.31 EPS, Q4 2022 earnings at $2.28 EPS, FY2022 earnings at $9.47 EPS, Q1 2023 earnings at $2.52 EPS, Q2 2023 earnings at $2.57 EPS, Q3 2023 earnings at $2.66 EPS and Q4 2023 earnings at $2.61 EPS.

A number of other research firms have also issued reports on AMT. Bank of America began coverage on shares of American Tower in a research report on Sunday, June 5th. They set a buy rating and a $315.00 price target for the company. JPMorgan Chase & Co. raised shares of American Tower from an underweight rating to an overweight rating and lifted their target price for the company from $245.00 to $285.00 in a report on Tuesday, June 21st. Jefferies Financial Group cut their target price on shares of American Tower from $308.00 to $293.00 and set a buy rating for the company in a report on Thursday, June 30th. Credit Suisse Group began coverage on shares of American Tower in a report on Wednesday, June 22nd. They set an outperform rating and a $313.00 target price for the company. Finally, TheStreet raised shares of American Tower from a c+ rating to a b rating in a research note on Wednesday, April 27th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, American Tower currently has a consensus rating of Moderate Buy and an average price target of $291.69.

American Tower Stock Up 0.3 %

NYSE:AMT opened at $272.19 on Tuesday. American Tower has a fifty-two week low of $220.00 and a fifty-two week high of $303.72. The stock has a market capitalization of $126.49 billion, a P/E ratio of 44.77, a P/E/G ratio of 2.67 and a beta of 0.46. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.65 and a current ratio of 0.65. The company’s 50-day simple moving average is $256.59 and its 200-day simple moving average is $248.36.

American Tower (NYSE:AMTGet Rating) last released its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.99. The business had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.64 billion. American Tower had a net margin of 27.23% and a return on equity of 28.93%. The company’s revenue was up 16.3% compared to the same quarter last year. During the same period last year, the business earned $2.42 EPS. On average, equities analysts anticipate that American Tower will post 9.37 earnings per share for the current fiscal year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Friday, June 17th were given a dividend of $1.43 per share. This represents a $5.72 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Thursday, June 16th. This is a boost from American Tower’s previous quarterly dividend of $1.40. American Tower’s dividend payout ratio is currently 94.08%.

Insider Buying and Selling

In related news, Director Robert D. Hormats sold 150 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $254.53, for a total transaction of $38,179.50. Following the sale, the director now directly owns 6,571 shares in the company, valued at $1,672,516.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robert D. Hormats sold 150 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $254.53, for a total transaction of $38,179.50. Following the transaction, the director now directly owns 6,571 shares in the company, valued at $1,672,516.63. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert D. Hormats sold 200 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $235.40, for a total transaction of $47,080.00. Following the transaction, the director now owns 6,721 shares in the company, valued at $1,582,123.40. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On American Tower

A number of hedge funds and other institutional investors have recently bought and sold shares of AMT. Cohen & Steers Inc. increased its position in American Tower by 27.5% during the 1st quarter. Cohen & Steers Inc. now owns 19,680,735 shares of the real estate investment trust’s stock worth $4,944,107,000 after purchasing an additional 4,239,151 shares in the last quarter. Norges Bank purchased a new stake in American Tower during the 4th quarter worth about $1,148,150,000. Jennison Associates LLC increased its position in American Tower by 180.2% during the 2nd quarter. Jennison Associates LLC now owns 4,254,374 shares of the real estate investment trust’s stock worth $1,087,375,000 after purchasing an additional 2,736,149 shares in the last quarter. BlackRock Inc. grew its holdings in American Tower by 6.7% in the 4th quarter. BlackRock Inc. now owns 36,636,712 shares of the real estate investment trust’s stock valued at $10,716,237,000 after buying an additional 2,302,202 shares during the period. Finally, State Street Corp grew its holdings in American Tower by 7.9% in the 1st quarter. State Street Corp now owns 21,253,223 shares of the real estate investment trust’s stock valued at $5,339,235,000 after buying an additional 1,550,683 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s stock.

About American Tower

(Get Rating)

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.

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