BMO Capital Markets Trims American Tower (NYSE:AMT) Target Price to $220.00

American Tower (NYSE:AMT) had its price target cut by analysts at BMO Capital Markets from $228.00 to $220.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the real estate investment trust’s stock. BMO Capital Markets’ price target indicates a potential upside of 26.56% from the company’s previous close.

A number of other brokerages have also recently weighed in on AMT. JPMorgan Chase & Co. reduced their price target on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Mizuho began coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target on the stock. Barclays lifted their price target on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $226.00 to $248.00 in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $220.55.

American Tower Trading Up 1.3 %

AMT traded up $2.27 during trading on Wednesday, hitting $173.83. 1,206,254 shares of the company’s stock were exchanged, compared to its average volume of 2,418,798. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower has a 1 year low of $154.58 and a 1 year high of $219.10. The stock has a 50 day moving average price of $189.71 and a 200 day moving average price of $194.53. The firm has a market cap of $81.07 billion, a P/E ratio of 54.66, a price-to-earnings-growth ratio of 1.38 and a beta of 0.67.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.54 EPS. As a group, analysts expect that American Tower will post 9.94 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the sale, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the sale, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On American Tower

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of American Tower by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 60,930,583 shares of the real estate investment trust’s stock worth $10,020,034,000 after acquiring an additional 196,942 shares in the last quarter. Cohen & Steers Inc. increased its position in shares of American Tower by 3.7% in the fourth quarter. Cohen & Steers Inc. now owns 16,440,715 shares of the real estate investment trust’s stock valued at $3,549,366,000 after acquiring an additional 583,892 shares during the last quarter. Wellington Management Group LLP raised its holdings in American Tower by 21.9% during the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after acquiring an additional 2,839,570 shares in the last quarter. Principal Financial Group Inc. boosted its position in American Tower by 36.2% during the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after purchasing an additional 2,336,501 shares during the last quarter. Finally, Morgan Stanley grew its stake in American Tower by 3.7% in the third quarter. Morgan Stanley now owns 7,269,957 shares of the real estate investment trust’s stock valued at $1,195,545,000 after purchasing an additional 258,030 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.