Zacks Investment Research upgraded shares of American Tower Corporation (REIT) (NYSE:AMT) from a hold rating to a buy rating in a research report released on Thursday morning. The firm currently has $152.00 price objective on the real estate investment trust’s stock.

According to Zacks, “American Tower posted impressive financial results in the second quarter of 2017. Over the past three months, share price grew 8.31%, beating the industry's 3.32% gain. 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. American Tower’s Indian, EMEA and Latin American operations account for almost 50% of its organic core revenue growth. 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.”

A number of other research analysts also recently commented on AMT. Guggenheim raised shares of American Tower Corporation (REIT) from a neutral rating to a buy rating and raised their target price for the company from $117.00 to $135.00 in a research report on Monday, April 10th. Royal Bank Of Canada raised their target price on shares of American Tower Corporation (REIT) from $134.00 to $145.00 and gave the company an outperform rating in a research report on Friday, April 28th. Citigroup Inc. downgraded shares of American Tower Corporation (REIT) to an outperform rating and set a $147.00 target price on the stock. in a research report on Monday, June 12th. Raymond James Financial, Inc. reissued an outperform rating on shares of American Tower Corporation (REIT) in a research report on Monday, June 12th. Finally, BidaskClub downgraded shares of American Tower Corporation (REIT) from a buy rating to a hold rating in a research report on Tuesday, June 13th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $142.67.

Shares of American Tower Corporation (NYSE AMT) opened at 137.57 on Thursday. American Tower Corporation has a one year low of $99.72 and a one year high of $139.50. The firm has a 50-day moving average of $133.71 and a 200-day moving average of $122.47. The stock has a market cap of $59.04 billion, a PE ratio of 55.03 and a beta of 0.71.

American Tower Corporation (REIT) (NYSE:AMT) last posted its earnings results on Thursday, July 27th. The real estate investment trust reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $1.55 by $0.75. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.64 billion. American Tower Corporation (REIT) had a net margin of 18.58% and a return on equity of 16.70%. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the business posted $1.38 EPS. On average, equities research analysts expect that American Tower Corporation will post $3.04 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, June 19th were given a $0.64 dividend. The ex-dividend date was Thursday, June 15th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 1.86%. This is an increase from American Tower Corporation (REIT)’s previous quarterly dividend of $0.62. American Tower Corporation (REIT)’s payout ratio is presently 102.81%.

In other news, Director David E. Sharbutt sold 3,653 shares of American Tower Corporation (REIT) stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $128.61, for a total value of $469,812.33. Following the transaction, the director now owns 10,098 shares of the company’s stock, valued at approximately $1,298,703.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Steven C. Marshall sold 20,548 shares of American Tower Corporation (REIT) stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $134.92, for a total transaction of $2,772,336.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 85,297 shares of company stock worth $10,975,069. Insiders own 0.86% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of AMT. Wellington Management Group LLP increased its position in shares of American Tower Corporation (REIT) by 8.4% in the first quarter. Wellington Management Group LLP now owns 21,788,278 shares of the real estate investment trust’s stock worth $2,648,146,000 after buying an additional 1,679,615 shares during the last quarter. American Century Companies Inc. increased its position in shares of American Tower Corporation (REIT) by 60.8% in the first quarter. American Century Companies Inc. now owns 3,986,977 shares of the real estate investment trust’s stock worth $484,577,000 after buying an additional 1,507,172 shares during the last quarter. Vanguard Group Inc. increased its position in shares of American Tower Corporation (REIT) by 3.8% in the first quarter. Vanguard Group Inc. now owns 27,561,482 shares of the real estate investment trust’s stock worth $3,349,823,000 after buying an additional 1,008,946 shares during the last quarter. Prudential Financial Inc. increased its position in shares of American Tower Corporation (REIT) by 99.4% in the first quarter. Prudential Financial Inc. now owns 1,253,277 shares of the real estate investment trust’s stock worth $152,323,000 after buying an additional 624,789 shares during the last quarter. Finally, APG Asset Management N.V. increased its position in shares of American Tower Corporation (REIT) by 40.9% in the first quarter. APG Asset Management N.V. now owns 2,136,874 shares of the real estate investment trust’s stock worth $259,716,000 after buying an additional 620,707 shares during the last quarter. 93.26% of the stock is currently 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.

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