KeyCorp Raises American Tower (NYSE:AMT) Price Target to $253.00

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American Tower (NYSE:AMT) had its price target boosted by KeyCorp from $225.00 to $253.00 in a report published on Monday, The Fly reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other research analysts have also issued reports on the company. Royal Bank of Canada boosted their target price on American Tower from $195.00 to $203.00 and gave the company an outperform rating in a report on Thursday, May 9th. SunTrust Banks boosted their target price on American Tower to $230.00 and gave the company a buy rating in a report on Thursday, August 1st. UBS Group lowered American Tower from a buy rating to a neutral rating and boosted their target price for the company from $195.00 to $222.00 in a report on Friday, June 7th. JPMorgan Chase & Co. boosted their target price on American Tower from $200.00 to $220.00 and gave the company a neutral rating in a report on Thursday, August 1st. Finally, Morgan Stanley boosted their target price on American Tower from $185.00 to $201.00 and gave the company an equal weight rating in a report on Monday, May 20th. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $202.27.

AMT opened at $227.38 on Monday. The firm has a market cap of $99.70 billion, a price-to-earnings ratio of 28.46, a price-to-earnings-growth ratio of 1.81 and a beta of 0.50. American Tower has a 52 week low of $140.40 and a 52 week high of $227.48. The business’s 50 day moving average is $213.18 and its two-hundred day moving average is $198.64. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 4.13.

American Tower (NYSE:AMT) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 EPS for the quarter, missing the consensus estimate of $1.87 by ($0.91). The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.83 billion. American Tower had a return on equity of 24.75% and a net margin of 19.30%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.74 EPS. Equities analysts expect that American Tower will post 7.66 EPS for the current fiscal year.

In related news, EVP Olivier Puech sold 8,347 shares of American Tower stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $210.27, for a total value of $1,755,123.69. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO James D. Taiclet, Jr. sold 57,439 shares of American Tower stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $207.93, for a total value of $11,943,291.27. Following the completion of the sale, the chief executive officer now owns 255,415 shares in the company, valued at $53,108,440.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 191,020 shares of company stock worth $39,584,998. Company insiders own 0.75% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Transamerica Financial Advisors Inc. purchased a new stake in American Tower during the second quarter worth $607,000. NewSquare Capital LLC boosted its position in American Tower by 192.3% during the second quarter. NewSquare Capital LLC now owns 152 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 100 shares in the last quarter. Empire Life Investments Inc. boosted its position in American Tower by 2.3% during the second quarter. Empire Life Investments Inc. now owns 30,908 shares of the real estate investment trust’s stock worth $6,319,000 after purchasing an additional 697 shares in the last quarter. Gamble Jones Investment Counsel boosted its position in American Tower by 1.1% during the second quarter. Gamble Jones Investment Counsel now owns 34,172 shares of the real estate investment trust’s stock worth $6,986,000 after purchasing an additional 358 shares in the last quarter. Finally, Colony Group LLC raised its holdings in shares of American Tower by 79.2% in the second quarter. Colony Group LLC now owns 16,242 shares of the real estate investment trust’s stock worth $3,321,000 after acquiring an additional 7,179 shares during the last quarter. Hedge funds and other institutional investors own 93.22% 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 approximately 171,000 communications sites.

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Analyst Recommendations for American Tower (NYSE:AMT)

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