Bank of America analysts have started covering shares of American Tower (NYSE:AMT – Get Note) in a note to investors on Sunday, reports The Fly. The brokerage has set a “buy” rating on the shares of the real estate investment trust.
A number of other stock analysts have also recently released reports on the AMT. Morgan Stanley raised its price target on American Tower shares from $274.00 to $275.00 and gave the company an “equal weight” rating in a Thursday, April 7 research note. Raymond James cut his price target on American Tower shares from $294.00 to $279.00 and gave the stock an “outperform” rating in a Monday, Feb. 28 research note. Cowen reduced his target price on American Tower shares from $350.00 to $325.00 in a Friday, Feb. 25 research note. Credit Suisse Group cut its price target on American Tower shares from $325.00 to $300.00 and set an “outperform” rating on the stock in a Tuesday, March 1 research note. Finally, TheStreet downgraded shares of American Tower from a “c+” rating to a “b” rating in a Wednesday, April 27 research note. One analyst gave the stock a sell rating, six gave the company a hold rating and eight gave the company a buy rating. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $288.92.
NYSE: AMT traded at $4.37 during Friday trading hours, hitting $266.73. The stock recorded a trading volume of 7,331,923 shares, compared to an average volume of 1,950,443 shares. The company has a 50-day simple moving average of $250.72 and a two-hundred-day simple moving average of $252.68. The company has a debt ratio of 4.12, a current ratio of 0.51 and a quick ratio of 0.51. American Tower has a one-year minimum of $220.00 and a one-year maximum of $303.72. The company has a market capitalization of $121.70 billion, a price/earnings ratio of 46.15, a P/E/G ratio of 2.66 and a beta of 0.48.
American Tower (NYSE:AMT – Get Rating) last released its results on Wednesday, April 27. The real estate investment trust reported EPS of $1.56 for the quarter, missing analyst consensus estimates of $2.41 per ($0.85). The company posted revenue of $2.66 billion in the quarter, versus $2.61 billion expected by analysts. American Tower had a return on equity of 30.44% and a net margin of 26.72%. American Tower’s revenue for the quarter increased 23.2% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $2.46. Equity research analysts expect American Tower to post earnings per share of 9.61 for the current year.
Separately, CFO Rodney M. Smith sold 25,389 shares of the company in a trade on Thursday, April 21. The shares were sold at an average price of $270.00, for a total transaction of $6,855,030.00. Following completion of the transaction, the CFO now owns 52,398 shares of the company, valued at $14,147,460. The sale was disclosed in a document filed with the SEC, which is available via this hyperlink. Company insiders own 0.24% of the company’s shares.
A number of hedge funds have recently increased or reduced their holdings in AMT. Vanguard Group Inc. increased its stake in American Tower shares by 1.4% in the first quarter. Vanguard Group Inc. now owns 59,982,344 shares of the real estate investment trust worth $15,068,764,000 after acquiring an additional 824,408 shares during the period. BlackRock Inc. increased its stake in American Tower by 6.7% in the 4th quarter. BlackRock Inc. now owns 36,636,712 shares of the real estate investment trust worth $10,716,237,000 after purchasing an additional 2,302,202 shares during the period. State Street Corp increased its stake in American Tower by 7.9% in the first quarter. State Street Corp now owns 21,253,223 shares of the real estate investment trust worth $5,339,235,000 after purchasing an additional 1,550,683 shares during the period. Cohen & Steers Inc. increased its stake in American Tower by 27.5% in the 1st quarter. Cohen & Steers Inc. now owns 19,680,735 shares of the real estate investment trust worth $4,944,107,000 after purchasing an additional 4,239,151 shares during the period. Finally, Geode Capital Management LLC increased its stake in American Tower by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 8,675,143 shares of the real estate investment trust worth $2,531,637,000 after purchasing an additional 136,713 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s shares.
About the American Tower (Get a rating)
American Tower Corporation, one of the world’s largest REITs, is a leading independent owner, operator and developer of multi-tenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings and Investor Presentations sections of our Investor Relations website at www.americantower.com.
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