Zacks Investment Research cut shares of American Tower Corporation (REIT) (NYSE:AMT) from a buy rating to a hold rating in a report published on Thursday.

According to Zacks, “American Tower posted strong third-quarter 2017 financial results. American Tower’s Indian, EMEA and Latin American operations account for almost 50% of its organic core revenue growth. American Tower continues to benefit from increased investment of wireless carriers in 4G LTE and 5G networks. The company’s tower buyouts in emerging markets and long-term tower leases with major wireless carriers have driven its top line and lend it a competitive edge over rivals. Over the past three months, the stock price grew 11.6%, as against the industry's gain of 4.5%. However, American Tower has a substantially leveraged balance sheet. High customer concentration is likely to affect the company’s top line. Expansion in the global market increases the company’s exposure to foreign currency exchange rate risks. Stiff competition, integration risks and rising operating expenses are other headwinds.”

AMT has been the subject of several other research reports. Citigroup Inc. boosted their target price on shares of American Tower Corporation (REIT) from $142.00 to $167.00 and gave the stock a buy rating in a research report on Monday, August 28th. Royal Bank Of Canada reissued a buy rating and issued a $153.00 target price on shares of American Tower Corporation (REIT) in a research report on Friday, September 1st. Deutsche Bank AG boosted their target price on shares of American Tower Corporation (REIT) from $145.00 to $157.00 and gave the stock a buy rating in a research report on Friday, July 14th. KeyCorp set a $156.00 target price on shares of American Tower Corporation (REIT) and gave the stock an overweight rating in a research report on Wednesday, November 1st. Finally, BidaskClub raised shares of American Tower Corporation (REIT) from a hold rating to a buy rating in a research report on Saturday, August 26th. One analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. American Tower Corporation (REIT) currently has a consensus rating of Buy and a consensus price target of $155.85.

American Tower Corporation (AMT) traded down $1.28 during trading on Thursday, reaching $150.54. 1,537,154 shares of the company traded hands, compared to its average volume of 1,979,064. American Tower Corporation has a 12-month low of $99.72 and a 12-month high of $155.28. The stock has a market cap of $64,460.00, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 1.80 and a beta of 0.74. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42.

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The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 17th. Investors of record on Friday, September 29th were given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Thursday, September 28th. This is an increase from American Tower Corporation (REIT)’s previous quarterly dividend of $0.64. American Tower Corporation (REIT)’s dividend payout ratio is currently 100.38%.

In related news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $145.89, for a total transaction of $4,960,260.00. Following the completion of the sale, the chairman now owns 304,707 shares of the company’s stock, valued at approximately $44,453,704.23. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Pamela D. A. Reeve sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $143.49, for a total transaction of $717,450.00. Following the sale, the director now directly owns 17,758 shares of the company’s stock, valued at approximately $2,548,095.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,747 shares of company stock valued at $16,054,543. Insiders own 0.86% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Zeke Capital Advisors LLC boosted its stake in American Tower Corporation (REIT) by 33.4% during the 3rd quarter. Zeke Capital Advisors LLC now owns 5,330 shares of the real estate investment trust’s stock valued at $729,000 after purchasing an additional 1,335 shares during the period. Amalgamated Bank boosted its stake in American Tower Corporation (REIT) by 2.3% during the 3rd quarter. Amalgamated Bank now owns 51,037 shares of the real estate investment trust’s stock valued at $6,976,000 after purchasing an additional 1,166 shares during the period. Richard C. Young & CO. LTD. acquired a new position in American Tower Corporation (REIT) during the 3rd quarter valued at about $467,000. Schroder Investment Management Group boosted its stake in American Tower Corporation (REIT) by 17.3% during the 3rd quarter. Schroder Investment Management Group now owns 8,184 shares of the real estate investment trust’s stock valued at $1,113,000 after purchasing an additional 1,206 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in American Tower Corporation (REIT) by 10.5% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,904 shares of the real estate investment trust’s stock valued at $4,771,000 after purchasing an additional 3,329 shares during the period. 92.01% of the stock is owned by hedge funds and other institutional investors.

About American Tower Corporation (REIT)

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

Analyst Recommendations for American Tower Corporation (REIT) (NYSE:AMT)

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