American Tower (NYSE:AMT) PT Lowered to $223.00

American Tower (NYSE:AMT) had its target price lowered by stock analysts at Scotiabank from $243.00 to $223.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target would indicate a potential upside of 24.12% from the stock’s current price.

Several other research analysts also recently issued reports on AMT. Barclays upped their price objective on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. BMO Capital Markets cut their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Finally, Mizuho assumed coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $221.91.

American Tower Stock Performance

Shares of American Tower stock opened at $179.66 on Wednesday. The company’s 50 day moving average price is $189.32 and its two-hundred day moving average price is $194.30. The firm has a market capitalization of $83.78 billion, a P/E ratio of 40.65, a P/E/G ratio of 1.35 and a beta of 0.71. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.69. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $219.10.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the business earned $2.54 EPS. The company’s revenue was up 2.4% compared to the same quarter last year. On average, equities analysts forecast that American Tower will post 9.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On American Tower

A number of institutional investors have recently modified their holdings of AMT. Northwest Investment Counselors LLC acquired a new position in American Tower during the first quarter worth $25,000. McClarren Financial Advisors Inc. bought a new position in American Tower in the 3rd quarter valued at about $27,000. Gold Investment Management Ltd. acquired a new position in American Tower during the 4th quarter valued at about $28,000. Emerald Advisers LLC bought a new stake in American Tower during the 3rd quarter worth approximately $29,000. Finally, Thompson Investment Management Inc. bought a new position in shares of American Tower in the fourth quarter valued at approximately $29,000. 92.69% of the stock is owned by institutional investors and hedge funds.

About American Tower

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.