American Tower (NYSE:AMT) PT Raised to $260.00

American Tower (NYSE:AMT) had its price objective raised by equities researchers at BMO Capital Markets from $246.00 to $260.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. BMO Capital Markets’ price objective indicates a potential upside of 9.01% from the company’s previous close.

Several other research firms have also issued reports on AMT. JPMorgan Chase & Co. lifted their price target on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Scotiabank lifted their target price on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their price target on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Wells Fargo & Company boosted their price objective on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group initiated coverage on American Tower in a research note on Monday, July 1st. They set a “buy” rating and a $230.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $233.29.

American Tower Price Performance

Shares of AMT opened at $238.50 on Friday. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $243.56. The firm’s 50-day simple moving average is $221.05 and its two-hundred day simple moving average is $201.18. The stock has a market cap of $111.40 billion, a PE ratio of 53.96, a price-to-earnings-growth ratio of 1.57 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.46 EPS. Analysts anticipate that American Tower will post 10.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Heritage Wealth Management Inc. purchased a new position in American Tower during the second quarter valued at approximately $549,000. Sanctuary Advisors LLC purchased a new position in shares of American Tower during the 2nd quarter valued at $9,248,000. Brown Financial Advisors bought a new position in American Tower in the 2nd quarter worth $729,000. Clearbridge Investments LLC increased its stake in American Tower by 8.9% in the 2nd quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock worth $720,206,000 after buying an additional 302,676 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings in American Tower by 3.1% during the second quarter. Cetera Investment Advisers now owns 114,913 shares of the real estate investment trust’s stock valued at $22,337,000 after acquiring an additional 3,464 shares during the period. 92.69% of the stock is currently owned by institutional investors.

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