American Tower (NYSE:AMT) Earns “Buy” Rating from Truist Financial

American Tower (NYSE:AMT)‘s stock had its “buy” rating reiterated by Truist Financial in a research note issued on Wednesday,Benzinga reports. They currently have a $207.00 target price on the real estate investment trust’s stock, down from their previous target price of $208.00. Truist Financial’s price target indicates a potential upside of 21.10% from the company’s current price.

A number of other brokerages have also recently issued reports on AMT. Weiss Ratings raised shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, July 14th. Wolfe Research upgraded American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective on the stock in a research note on Wednesday, July 8th. TD Cowen raised their price objective on American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Mizuho raised American Tower from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $189.00 to $205.00 in a report on Wednesday, April 15th. Finally, Barclays cut their price target on American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $215.14.

American Tower Stock Performance

NYSE AMT traded up $1.38 on Wednesday, hitting $170.93. 670,631 shares of the stock were exchanged, compared to its average volume of 3,205,683. The company has a market capitalization of $79.65 billion, a PE ratio of 23.51, a P/E/G ratio of 2.68 and a beta of 0.90. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. The business’s fifty day moving average is $173.82 and its 200 day moving average is $178.04. American Tower has a 52 week low of $160.06 and a 52 week high of $214.79.

Insider Activity at American Tower

In related news, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president directly owned 27,711 shares of the company’s stock, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer owned 21,428 shares of the company’s stock, valued at $3,833,254.92. This trade represents a 18.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 6,791 shares of company stock valued at $1,204,091. 0.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On American Tower

A number of hedge funds have recently bought and sold shares of AMT. BlackRock Inc. bought a new position in shares of American Tower during the second quarter worth approximately $7,490,943,000. J. Stern & Co. LLP increased its stake in American Tower by 28,121.1% during the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock worth $6,616,703,000 after acquiring an additional 37,553,436 shares during the period. State Street Corp increased its stake in American Tower by 0.3% during the 4th quarter. State Street Corp now owns 20,987,534 shares of the real estate investment trust’s stock worth $3,719,634,000 after acquiring an additional 71,605 shares during the period. Geode Capital Management LLC raised its holdings in American Tower by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,499,035 shares of the real estate investment trust’s stock valued at $2,361,675,000 after acquiring an additional 227,361 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of American Tower by 20,721.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock valued at $1,705,254,000 after acquiring an additional 9,666,025 shares during the period. 92.69% of the stock is owned by institutional investors.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.