Morgan Stanley Raises American Tower (NYSE:AMT) Price Target to $196.00

American Tower (NYSE:AMT) had its target price boosted by Morgan Stanley from $183.00 to $196.00 in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

Several other equities research analysts also recently weighed in on AMT. Mizuho started coverage on American Tower in a research report on Monday, April 8th. They set a neutral rating and a $205.00 price target on the stock. StockNews.com downgraded American Tower from a buy rating to a hold rating in a research report on Friday, March 1st. JPMorgan Chase & Co. cut their price target on American Tower from $236.00 to $230.00 and set an overweight rating on the stock in a research report on Wednesday, February 28th. Barclays increased their price target on American Tower from $224.00 to $234.00 and gave the stock an overweight rating in a research report on Tuesday, March 5th. Finally, BMO Capital Markets cut their price target on American Tower from $235.00 to $228.00 and set an outperform rating on the stock in a research report on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $217.36.

American Tower Price Performance

NYSE AMT opened at $171.00 on Monday. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69. The stock’s fifty day moving average price is $192.37 and its 200 day moving average price is $193.43. American Tower has a 1 year low of $154.58 and a 1 year high of $219.10. The company has a market cap of $79.75 billion, a price-to-earnings ratio of 53.77, a PEG ratio of 1.42 and a beta of 0.67.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the company earned $2.34 earnings per share. American Tower’s revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts forecast that American Tower will post 10.06 earnings per share for the current year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend is Thursday, April 11th. American Tower’s payout ratio is currently 203.77%.

Insider Activity at American Tower

In related news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Rodney M. Smith sold 11,510 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Pinnacle Holdings LLC purchased a new position in American Tower in the 1st quarter worth approximately $29,000. Eagle Bay Advisors LLC purchased a new position in American Tower in the 2nd quarter worth approximately $30,000. VitalStone Financial LLC purchased a new position in American Tower in the 1st quarter worth approximately $38,000. Northwest Investment Counselors LLC purchased a new position in American Tower in the 1st quarter worth approximately $25,000. Finally, Gold Investment Management Ltd. purchased a new position in American Tower in the 4th quarter worth approximately $28,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

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.