American Tower’s (AMT) Overweight Rating Reiterated at Morgan Stanley
Morgan Stanley reissued their overweight rating on shares of American Tower (NYSE:AMT) in a research report report published on Wednesday. The firm currently has a $172.00 target price on the real estate investment trust’s stock.
AMT has been the subject of several other research reports. ValuEngine upgraded American Tower from a hold rating to a buy rating in a research note on Friday, November 10th. Zacks Investment Research downgraded American Tower from a buy rating to a hold rating in a research note on Thursday, November 9th. UBS increased their target price on American Tower from $150.00 to $163.00 and gave the company a buy rating in a research note on Monday, September 11th. Citigroup increased their target price on American Tower from $142.00 to $167.00 and gave the company a buy rating in a research note on Monday, August 28th. Finally, Royal Bank of Canada restated a buy rating and set a $153.00 target price on shares of American Tower in a research note on Friday, September 1st. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. American Tower presently has an average rating of Buy and a consensus price target of $158.50.
Shares of American Tower (NYSE:AMT) opened at $142.76 on Wednesday. American Tower has a 52 week low of $102.51 and a 52 week high of $155.28. The firm has a market capitalization of $61,639.47, a P/E ratio of 22.25, a P/E/G ratio of 1.69 and a beta of 0.73. The company has a debt-to-equity ratio of 2.61, a quick ratio of 1.42 and a current ratio of 1.42.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Thursday, December 28th will be issued a $0.70 dividend. This is a boost from American Tower’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, December 27th. This represents a $2.80 annualized dividend and a yield of 1.96%. American Tower’s dividend payout ratio is 100.38%.
American Tower declared that its board has approved a stock repurchase plan on Thursday, December 7th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other news, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total value of $228,792.96. Following the completion of the transaction, the director now directly owns 4,861 shares of the company’s stock, valued at approximately $702,122.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Edmund Disanto sold 10,000 shares of the stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $136.00, for a total value of $1,360,000.00. Following the completion of the transaction, the executive vice president now directly owns 151,928 shares of the company’s stock, valued at $20,662,208. The disclosure for this sale can be found here. In the last ninety days, insiders sold 124,251 shares of company stock valued at $17,789,434. Insiders own 0.86% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Howe & Rusling Inc. grew its position in American Tower by 1,608.0% during the 3rd quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock worth $117,000 after acquiring an additional 804 shares during the last quarter. Peddock Capital Advisors LLC bought a new stake in American Tower during the 2nd quarter worth approximately $119,000. Legacy Advisors LLC bought a new stake in American Tower during the 3rd quarter worth approximately $132,000. Glassman Wealth Services grew its position in American Tower by 28.9% during the 2nd quarter. Glassman Wealth Services now owns 1,029 shares of the real estate investment trust’s stock worth $136,000 after acquiring an additional 231 shares during the last quarter. Finally, Fieldpoint Private Securities LLC grew its position in American Tower by 69.6% during the 3rd quarter. Fieldpoint Private Securities LLC now owns 1,060 shares of the real estate investment trust’s stock worth $145,000 after acquiring an additional 435 shares during the last quarter. 91.89% of the stock is owned by institutional investors and hedge funds.
About American Tower
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.
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