American Tower Co. (REIT) (NYSE:AMT) – Jefferies Financial Group reduced their Q1 2022 earnings per share (EPS) estimates for shares of American Tower in a research note issued on Monday, January 10th. Jefferies Financial Group analyst J. Petersen now anticipates that the real estate investment trust will post earnings of $2.46 per share for the quarter, down from their previous estimate of $2.48. Jefferies Financial Group also issued estimates for American Tower’s Q2 2022 earnings at $2.52 EPS.
Several other analysts also recently issued reports on AMT. JPMorgan Chase & Co. downgraded shares of American Tower from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $285.00 to $271.00 in a report on Wednesday, January 5th. The Goldman Sachs Group lowered shares of American Tower from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $298.00 to $281.00 in a research report on Tuesday. KeyCorp boosted their price objective on shares of American Tower from $302.00 to $311.00 and gave the stock an “overweight” rating in a research note on Friday, October 29th. Morgan Stanley decreased their price objective on shares of American Tower from $316.00 to $294.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 1st. Finally, Credit Suisse Group upped their target price on shares of American Tower from $324.00 to $328.00 and gave the company an “outperform” rating in a research note on Friday, October 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, American Tower currently has an average rating of “Buy” and an average target price of $293.63.
American Tower (NYSE:AMT) last issued its earnings results on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.27 by ($0.69). The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.41 billion. American Tower had a net margin of 27.44% and a return on equity of 39.34%. The firm’s revenue was up 21.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.23 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 14th. Stockholders of record on Monday, December 27th will be paid a $1.39 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.31. The ex-dividend date of this dividend is Thursday, December 23rd. This represents a $5.56 annualized dividend and a dividend yield of 2.10%. American Tower’s dividend payout ratio (DPR) is presently 101.09%.
In other news, Director Joann A. Reed sold 866 shares of the business’s stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $260.50, for a total value of $225,593.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Pamela D. A. Reeve sold 3,590 shares of the business’s stock in a transaction on Thursday, December 9th. The shares were sold at an average price of $273.02, for a total transaction of $980,141.80. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
Large investors have recently made changes to their positions in the business. Crossmark Global Holdings Inc. increased its stake in shares of American Tower by 18.7% in the 4th quarter. Crossmark Global Holdings Inc. now owns 50,331 shares of the real estate investment trust’s stock valued at $14,722,000 after acquiring an additional 7,943 shares during the last quarter. Bremer Bank National Association grew its position in shares of American Tower by 5.2% in the 4th quarter. Bremer Bank National Association now owns 16,642 shares of the real estate investment trust’s stock valued at $4,868,000 after purchasing an additional 819 shares during the period. Indiana Trust & Investment Management CO acquired a new position in shares of American Tower in the 4th quarter valued at approximately $241,000. Patriot Financial Group Insurance Agency LLC grew its position in shares of American Tower by 124.2% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 2,941 shares of the real estate investment trust’s stock valued at $860,000 after purchasing an additional 1,629 shares during the period. Finally, Lester Murray Antman dba SimplyRich boosted its position in American Tower by 13.1% during the 4th quarter. Lester Murray Antman dba SimplyRich now owns 1,212 shares of the real estate investment trust’s stock worth $355,000 after acquiring an additional 140 shares during the last quarter. 89.57% of the stock is owned by hedge funds and other institutional investors.
American Tower Company Profile
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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