American Tower (NYSE:AMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday, Zacks.com reports. The firm currently has a $273.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s target price indicates a potential upside of 5.59% from the stock’s current price.
According to Zacks, “Shares of American Tower have outperformed the industry over the past year. Notably, amid significant growth in mobile-data usage, wireless carriers are spending higher for 5G upgrades and 4G network densification. This is increasing demand for the company’s telecom towers. Also, it will likely continue to support American Tower’s leasing activities and drive organic tenant-billing growth over the long term. Moreover, the company is expanding its international presence, opening growth avenues. American Tower also remains committed to increase shareholder value through dividend hikes. However, amid the coronavirus-led volatility in foreign currency exchange rates, the company lowered the 2020 outlook. Additionally, consolidation trends in the telecom sector is concerning. Furthermore, stiff competition in the tower industry is a headwind.”
A number of other research firms have also commented on AMT. New Street Research raised American Tower from a “neutral” rating to a “buy” rating in a report on Thursday, March 12th. Raymond James raised American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 price objective for the company in a report on Thursday, March 26th. Wells Fargo & Co lifted their price objective on American Tower from $265.00 to $272.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Deutsche Bank assumed coverage on American Tower in a report on Friday, June 5th. They issued a “buy” rating and a $287.00 price objective for the company. Finally, Morgan Stanley lifted their price objective on American Tower from $245.00 to $250.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $261.86.
American Tower stock opened at $258.54 on Monday. The firm has a market cap of $109.27 billion, a price-to-earnings ratio of 60.55, a PEG ratio of 2.09 and a beta of 0.45. The stock has a fifty day simple moving average of $251.74 and a two-hundred day simple moving average of $238.40. American Tower has a 12 month low of $174.32 and a 12 month high of $269.25. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 5.40.
American Tower (NYSE:AMT) last posted its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 EPS for the quarter, missing the Zacks’ consensus estimate of $1.05 by ($0.12). The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. American Tower had a return on equity of 35.63% and a net margin of 24.55%. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.84 EPS. On average, equities research analysts forecast that American Tower will post 8 EPS for the current fiscal year.
In other news, EVP Steven O. Vondran sold 1,154 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $233.24, for a total value of $269,158.96. Following the transaction, the executive vice president now directly owns 26,315 shares in the company, valued at $6,137,710.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $238.11, for a total value of $1,533,190.29. Following the completion of the transaction, the chief accounting officer now owns 37,120 shares in the company, valued at $8,838,643.20. The disclosure for this sale can be found here. Insiders sold 8,493 shares of company stock worth $2,035,377 over the last 90 days. Company insiders own 0.65% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Wesbanco Bank Inc. increased its holdings in shares of American Tower by 1.0% in the fourth quarter. Wesbanco Bank Inc. now owns 4,145 shares of the real estate investment trust’s stock worth $952,000 after purchasing an additional 40 shares during the last quarter. Goelzer Investment Management Inc. increased its holdings in shares of American Tower by 0.3% in the first quarter. Goelzer Investment Management Inc. now owns 14,873 shares of the real estate investment trust’s stock worth $3,239,000 after purchasing an additional 43 shares during the last quarter. Institute for Wealth Management LLC. increased its holdings in shares of American Tower by 2.3% in the first quarter. Institute for Wealth Management LLC. now owns 2,046 shares of the real estate investment trust’s stock worth $446,000 after purchasing an additional 46 shares during the last quarter. Brinker Capital Inc. increased its holdings in shares of American Tower by 0.6% in the first quarter. Brinker Capital Inc. now owns 7,669 shares of the real estate investment trust’s stock worth $1,670,000 after purchasing an additional 46 shares during the last quarter. Finally, Ancora Advisors LLC increased its holdings in shares of American Tower by 5.2% in the fourth quarter. Ancora Advisors LLC now owns 1,004 shares of the real estate investment trust’s stock worth $231,000 after purchasing an additional 50 shares during the last quarter. Institutional investors and hedge funds own 91.12% 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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