American Tower Corporation (REIT) (AMT) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of American Tower Corporation (REIT) (NYSE:AMT) from a strong-buy rating to a hold rating in a research report released on Tuesday, June 27th.

According to Zacks, “Over the past three months, share price of American Tower inched up 10.37%, beating the Zacks classified Reit- Equity Trust Other industry's 5.63% gain. Further, American Tower continues to benefit from increased investment of wireless carriers in 5G networks. The company’s investments in Asia are paying off. We further believe that American Tower’s tower buyouts in emerging markets have helped drive 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. The company generates most of its revenues from long-term (typically 5-10 year) tower leases with major wireless carriers. However, high customer concentration, foreign currency exchange rate risks, stiff competition, integration risks, rising operating expenses and a highly leveraged balanced sheet are other risks.”

A number of other brokerages have also weighed in on AMT. BidaskClub lowered shares of American Tower Corporation (REIT) from a buy rating to a hold rating in a research note on Tuesday, June 13th. Pacific Crest raised their target price on shares of American Tower Corporation (REIT) to $132.00 in a research note on Wednesday, March 22nd. Jefferies Group LLC restated a buy rating and set a $136.00 price target on shares of American Tower Corporation (REIT) in a report on Monday, April 3rd. Guggenheim upgraded shares of American Tower Corporation (REIT) from a neutral rating to a buy rating and lifted their target price for the company from $117.00 to $135.00 in a report on Monday, April 10th. Finally, Citigroup Inc. downgraded shares of American Tower Corporation (REIT) to an outperform rating and set a $147.00 target price for the company. in a report on Monday, June 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $138.92.

Shares of American Tower Corporation (NYSE:AMT) opened at 135.40 on Tuesday. The stock has a market cap of $57.55 billion, a PE ratio of 65.38 and a beta of 0.71. The company’s 50-day moving average price is $130.68 and its 200-day moving average price is $117.71. American Tower Corporation has a one year low of $99.72 and a one year high of $137.12.

American Tower Corporation (REIT) (NYSE:AMT) last issued its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.51 by $0.84. The company had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.58 billion. American Tower Corporation (REIT) had a net margin of 16.32% and a return on equity of 14.26%. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.58 earnings per share. Equities research analysts anticipate that American Tower Corporation will post $2.97 earnings per share for the current year.

ILLEGAL ACTIVITY WARNING: This news story was originally reported by Transcript Daily and is the sole property of of Transcript Daily. If you are reading this news story on another domain, it was stolen and republished in violation of United States and international copyright & trademark laws. The correct version of this news story can be viewed at https://transcriptdaily.com/2017/07/18/american-tower-corporation-reit-amt-downgraded-by-zacks-investment-research-to-hold-updated-updated.html.

American Tower Corporation (REIT) declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 21st that authorizes the company to buyback $1.10 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, June 19th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 1.89%. This is a positive change from American Tower Corporation (REIT)’s previous quarterly dividend of $0.62. The ex-dividend date was Thursday, June 15th. American Tower Corporation (REIT)’s payout ratio is 124.27%.

In related news, Director Joann A. Reed sold 7,400 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $126.87, for a total transaction of $938,838.00. Following the transaction, the director now owns 37,758 shares of the company’s stock, valued at $4,790,357.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Robert Joseph Meyer, Jr. sold 40,653 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $126.16, for a total transaction of $5,128,782.48. Following the transaction, the senior vice president now directly owns 36,060 shares in the company, valued at approximately $4,549,329.60. The disclosure for this sale can be found here. Insiders have sold 133,350 shares of company stock worth $17,042,690 over the last 90 days. 0.86% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Ancora Advisors LLC purchased a new stake in American Tower Corporation (REIT) during the fourth quarter worth $104,000. Heritage Trust Co bought a new position in shares of American Tower Corporation (REIT) during the first quarter valued at $122,000. Webster Bank N. A. raised its position in shares of American Tower Corporation (REIT) by 86.1% in the first quarter. Webster Bank N. A. now owns 1,005 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 465 shares in the last quarter. Norway Savings Bank raised its position in shares of American Tower Corporation (REIT) by 85.2% in the first quarter. Norway Savings Bank now owns 1,435 shares of the real estate investment trust’s stock valued at $174,000 after buying an additional 660 shares in the last quarter. Finally, Integrated Investment Consultants LLC raised its position in shares of American Tower Corporation (REIT) by 0.9% in the first quarter. Integrated Investment Consultants LLC now owns 1,485 shares of the real estate investment trust’s stock valued at $180,000 after buying an additional 13 shares in the last quarter. 93.21% of the stock is owned by 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.

Get a free copy of the Zacks research report on American Tower Corporation (REIT) (AMT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for American Tower Corporation (REIT) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower Corporation (REIT) and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply