American Tower Corp. (NYSE:AMT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “American tower will benefit from increased investment of wireless carriers as they push towards deployment of 5G networks. Moreover, American Tower has been focusing on its operations in India which include acquisition of 51% control in Viom Networks and the tower deal with Bharti Airtel’s Tanzania unit. These transactions will increase the tower count as well as help the company build stronger ties with mobile network operators such as Bharti Airtel, Vodafone, Idea, Tata, Reliance and Aircel. Going forward, we believe that American Tower’s buyout of towers in emerging markets should help drive its top line and lend a competitive edge over rivals. However, high customer concentration, foreign currency exchange rate risks, stiff competition, integration risks, rising operating expenses and a highly leveraged balance sheet are near-term risks.”

A number of other equities analysts have also commented on AMT. Citigroup Inc. boosted their price target on shares of American Tower Corp. from $108.00 to $121.00 and gave the company a “buy” rating in a research report on Thursday, June 16th. BTIG Research boosted their price target on shares of American Tower Corp. to $140.00 in a research report on Tuesday, July 19th. They noted that the move was a valuation call. Jefferies Group boosted their price target on shares of American Tower Corp. from $120.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Argus boosted their price target on shares of American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 17th. Finally, SunTrust Banks Inc. started coverage on shares of American Tower Corp. in a research report on Monday, September 12th. They issued a “buy” rating and a $128.00 price target on the stock. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $120.99.

Analyst Recommendations for American Tower Corp. (NYSE:AMT)

American Tower Corp. (NYSE:AMT) traded up 2.10% on Wednesday, hitting $111.23. 1,041,043 shares of the company were exchanged. American Tower Corp. has a one year low of $83.07 and a one year high of $118.26. The firm has a market cap of $47.33 billion, a price-to-earnings ratio of 69.04 and a beta of 0.62. The stock has a 50 day moving average price of $111.87 and a 200 day moving average price of $110.07.

American Tower Corp. (NYSE:AMT) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.36 by $0.03. The business earned $1.44 billion during the quarter, compared to the consensus estimate of $1.44 billion. American Tower Corp. had a net margin of 15.21% and a return on equity of 11.73%. The business’s revenue was up 22.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.26 EPS. On average, equities research analysts forecast that American Tower Corp. will post $5.70 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.55 per share. This is an increase from American Tower Corp.’s previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, September 28th. This represents a $2.20 annualized dividend and a dividend yield of 2.02%. American Tower Corp.’s dividend payout ratio is currently 136.65%.

In other news, Director Carolyn Katz sold 5,000 shares of the stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $116.34, for a total transaction of $581,700.00. Following the completion of the sale, the director now owns 14,484 shares of the company’s stock, valued at $1,685,068.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Edmund Disanto sold 21,087 shares of the stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $116.71, for a total transaction of $2,461,063.77. Following the sale, the executive vice president now directly owns 140,749 shares of the company’s stock, valued at approximately $16,426,815.79. The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.

Large investors have recently modified their holdings of the company. Atalanta Sosnoff Capital LLC boosted its position in shares of American Tower Corp. by 22.6% in the second quarter. Atalanta Sosnoff Capital LLC now owns 756,884 shares of the real estate investment trust’s stock valued at $85,990,000 after buying an additional 139,315 shares during the last quarter. Standard Life Investments LTD boosted its position in shares of American Tower Corp. by 5.6% in the second quarter. Standard Life Investments LTD now owns 4,467,595 shares of the real estate investment trust’s stock valued at $507,519,000 after buying an additional 238,684 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of American Tower Corp. by 0.5% in the second quarter. New York State Teachers Retirement System now owns 752,616 shares of the real estate investment trust’s stock valued at $85,505,000 after buying an additional 3,963 shares during the last quarter. Waverton Investment Management Ltd boosted its position in shares of American Tower Corp. by 0.3% in the second quarter. Waverton Investment Management Ltd now owns 99,781 shares of the real estate investment trust’s stock valued at $11,336,000 after buying an additional 250 shares during the last quarter. Finally, Smith Asset Management Group LP boosted its position in shares of American Tower Corp. by 30,536.4% in the second quarter. Smith Asset Management Group LP now owns 101,100 shares of the real estate investment trust’s stock valued at $11,486,000 after buying an additional 100,770 shares during the last quarter. 94.23% of the stock is owned by institutional investors.

About American Tower Corp.

American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.

5 Day Chart for NYSE:AMT

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