Shares of American Tower Corporation (REIT) (NYSE:AMT) reached a new 52-week high during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $142.00 to $167.00. Citigroup currently has a buy rating on the stock. American Tower Corporation (REIT) traded as high as $146.14 and last traded at $146.12, with a volume of 697,093 shares. The stock had previously closed at $145.78.

Several other research firms have also recently weighed in on AMT. BidaskClub raised American Tower Corporation (REIT) from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Zacks Investment Research raised American Tower Corporation (REIT) from a “hold” rating to a “buy” rating and set a $152.00 price objective on the stock in a research report on Thursday, August 3rd. Argus lifted their price objective on American Tower Corporation (REIT) from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Cowen and Company reaffirmed a “buy” rating and set a $155.00 price objective on shares of American Tower Corporation (REIT) in a research report on Wednesday, July 19th. Finally, Deutsche Bank AG lifted their target price on shares of American Tower Corporation (REIT) from $145.00 to $157.00 and gave the company a “buy” rating in a report on Friday, July 14th. Thirteen analysts have rated the stock with a buy rating, American Tower Corporation (REIT) has an average rating of “Buy” and an average target price of $144.33.

In other American Tower Corporation (REIT) news, Director Pamela D. A. Reeve sold 5,000 shares of American Tower Corporation (REIT) stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $143.49, for a total value of $717,450.00. Following the completion of the sale, the director now owns 17,758 shares of the company’s stock, valued at approximately $2,548,095.42. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Amit Sharma sold 20,747 shares of American Tower Corporation (REIT) stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $139.67, for a total transaction of $2,897,733.49. Following the completion of the sale, the executive vice president now directly owns 101,605 shares of the company’s stock, valued at approximately $14,191,170.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,295 shares of company stock valued at $6,387,520. 0.86% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of American Tower Corporation (REIT) by 3.2% in the second quarter. Vanguard Group Inc. now owns 28,442,502 shares of the real estate investment trust’s stock worth $3,763,512,000 after buying an additional 881,020 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of American Tower Corporation (REIT) by 8.4% in the first quarter. Wellington Management Group LLP now owns 21,788,278 shares of the real estate investment trust’s stock worth $2,648,146,000 after buying an additional 1,679,615 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of American Tower Corporation (REIT) by 1,886.3% in the second quarter. Janus Henderson Group PLC now owns 7,468,416 shares of the real estate investment trust’s stock worth $988,214,000 after buying an additional 7,092,413 shares during the last quarter. Northern Trust Corp increased its stake in shares of American Tower Corporation (REIT) by 9.2% in the second quarter. Northern Trust Corp now owns 6,566,346 shares of the real estate investment trust’s stock worth $868,858,000 after buying an additional 550,608 shares during the last quarter. Finally, Edgewood Management LLC increased its stake in shares of American Tower Corporation (REIT) by 2.6% in the first quarter. Edgewood Management LLC now owns 5,925,839 shares of the real estate investment trust’s stock worth $720,226,000 after buying an additional 151,527 shares during the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

The stock’s 50 day moving average price is $137.50 and its 200 day moving average price is $126.63. The firm has a market capitalization of $63.31 billion, a PE ratio of 59.01 and a beta of 0.71.

American Tower Corporation (REIT) (NYSE:AMT) last announced its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.80 EPS for the quarter, missing the Zacks’ consensus estimate of $1.55 by $0.75. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.64 billion. American Tower Corporation (REIT) had a return on equity of 16.70% and a net margin of 18.58%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.38 EPS. On average, analysts forecast that American Tower Corporation will post $3.02 earnings per share for the current year.

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American Tower Corporation (REIT) Company Profile

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

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