American Tower Corp. (AMT) Stock Rating Upgraded by Zacks Investment Research
American Tower Corp. (NYSE:AMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage currently has a $118.00 price objective on the real estate investment trust’s stock. Zacks Investment Research’s price target indicates a potential upside of 14.02% from the stock’s current price.
According to Zacks, “American tower will benefit from increased investment of wireless carriers as they push towards deployment of 5G networks. Additionally, American Towers increased investment in Asia is paying off, with the company clocking significant revenue growth. AmericanTower’s Indian, EMEA and Latin American operations account for almost 50% of its organic core revenue growth. The company along with a Dutch pension fund also announced a joint venture named ATC Europe to focus on European telecom real estate operations. 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. Additionally, the company faces threats from emerging technologies like Voice over WiFi.”
Other equities research analysts also recently issued research reports about the company. Jefferies Group reiterated a “buy” rating on shares of American Tower Corp. in a report on Saturday, August 6th. SunTrust Banks Inc. initiated coverage on American Tower Corp. in a report on Monday, September 12th. They issued a “buy” rating and a $128.00 price objective for the company. BTIG Research upped their price objective on American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. Deutsche Bank AG reiterated a “buy” rating and issued a $135.00 price objective on shares of American Tower Corp. in a report on Friday, November 4th. Finally, Argus upped their price objective on American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 17th. One equities research analyst has rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $123.44.
Shares of American Tower Corp. (NYSE:AMT) opened at 103.49 on Monday. American Tower Corp. has a 1-year low of $83.07 and a 1-year high of $118.26. The stock has a market capitalization of $44.05 billion, a P/E ratio of 51.80 and a beta of 0.69. The stock’s 50 day moving average price is $112.73 and its 200-day moving average price is $111.51.
American Tower Corp. (NYSE:AMT) last released its earnings results on Thursday, October 27th. The real estate investment trust reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company earned $1.52 billion during the quarter, compared to the consensus estimate of $1.51 billion. American Tower Corp. had a return on equity of 14.05% and a net margin of 17.37%. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.31 earnings per share. Equities research analysts anticipate that American Tower Corp. will post $5.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Friday, September 30th were given a dividend of $0.55 per share. The ex-dividend date was Wednesday, September 28th. This is a boost from American Tower Corp.’s previous quarterly dividend of $0.53. This represents a $2.20 annualized dividend and a yield of 2.13%. American Tower Corp.’s dividend payout ratio is 111.11%.
In related news, Director Carolyn Katz sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $116.34, for a total transaction of $581,700.00. Following the completion of the transaction, the director now directly 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 is accessible through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 40,625 shares of the stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $108.80, for a total value of $4,420,000.00. Following the transaction, the chairman now directly owns 226,517 shares of the company’s stock, valued at $24,645,049.60. The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of AMT. Vanguard Group Inc. boosted its position in shares of American Tower Corp. by 1.7% in the second quarter. Vanguard Group Inc. now owns 25,767,548 shares of the real estate investment trust’s stock valued at $2,927,451,000 after buying an additional 441,783 shares during the period. Northern Trust Corp boosted its position in shares of American Tower Corp. by 0.6% in the third quarter. Northern Trust Corp now owns 6,211,573 shares of the real estate investment trust’s stock valued at $703,958,000 after buying an additional 36,668 shares during the period. 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 period. Cohen & Steers Inc. boosted its position in shares of American Tower Corp. by 50.7% in the second quarter. Cohen & Steers Inc. now owns 3,803,923 shares of the real estate investment trust’s stock valued at $77,904,000 after buying an additional 1,280,386 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of American Tower Corp. by 3.0% in the third quarter. Principal Financial Group Inc. now owns 2,501,547 shares of the real estate investment trust’s stock valued at $283,501,000 after buying an additional 72,566 shares during the period. 95.06% of the stock is owned by hedge funds and other institutional investors.
American Tower Corp. Company Profile
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.
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