American Tower (NYSE:AMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks.com reports. The brokerage currently has a $273.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s target price points to a potential upside of 5.59% from the stock’s previous close.

According to Zacks, “Shares of American Tower have outperformed the industry over the past year. Notably, amid significant growth in mobile-data usage, wireless carriers are spending higher for 5G upgrades and 4G network densification. This is increasing demand for the company’s telecom towers. Also, it will likely continue to support American Tower’s leasing activities and drive organic tenant-billing growth over the long term. Moreover, the company is expanding its international presence, opening growth avenues. American Tower also remains committed to increase shareholder value through dividend hikes. However, amid the coronavirus-led volatility in foreign currency exchange rates, the company lowered the 2020 outlook. Additionally, consolidation trends in the telecom sector is concerning. Furthermore, stiff competition in the tower industry is a headwind.”

Several other research firms have also recently issued reports on AMT. Deutsche Bank initiated coverage on shares of American Tower in a research report on Friday, June 5th. They set a “buy” rating and a $287.00 price objective for the company. Citigroup raised shares of American Tower from a “neutral” rating to a “buy” rating and set a $280.00 price target for the company in a research report on Thursday, March 5th. New Street Research upgraded shares of American Tower from a “neutral” rating to a “buy” rating in a research note on Thursday, March 12th. Wells Fargo & Co lifted their price objective on shares of American Tower from $265.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Raymond James upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 price target on the stock in a research note on Thursday, March 26th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $261.86.

NYSE:AMT opened at $258.54 on Monday. The company has a fifty day simple moving average of $251.74 and a two-hundred day simple moving average of $238.40. The company has a market cap of $109.27 billion, a price-to-earnings ratio of 60.55, a price-to-earnings-growth ratio of 2.09 and a beta of 0.45. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 5.40. American Tower has a 52 week low of $174.32 and a 52 week high of $269.25.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.05 by ($0.12). The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. American Tower had a return on equity of 35.63% and a net margin of 24.55%. The business’s revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.84 EPS. On average, analysts expect that American Tower will post 8 EPS for the current year.

In other American Tower news, EVP Steven O. Vondran sold 1,154 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $233.24, for a total value of $269,158.96. Following the sale, the executive vice president now owns 26,315 shares of the company’s stock, valued at $6,137,710.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $238.11, for a total transaction of $1,533,190.29. Following the completion of the sale, the chief accounting officer now directly owns 37,120 shares in the company, valued at approximately $8,838,643.20. The disclosure for this sale can be found here. Insiders have sold 8,493 shares of company stock worth $2,035,377 over the last 90 days. 0.65% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in AMT. MCF Advisors LLC purchased a new position in shares of American Tower during the first quarter valued at approximately $27,000. Brooktree Capital Management acquired a new stake in shares of American Tower in the fourth quarter worth $29,000. John W. Brooker & Co. CPAs acquired a new stake in shares of American Tower in the first quarter worth $32,000. C M Bidwell & Associates Ltd. acquired a new stake in American Tower during the 4th quarter valued at $34,000. Finally, Weaver Consulting Group grew its holdings in American Tower by 168.3% during the 1st quarter. Weaver Consulting Group now owns 169 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 106 shares in the last quarter. 91.12% 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 approximately 171,000 communications sites.

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Analyst Recommendations for American Tower (NYSE:AMT)

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