American Tower (NYSE:AMT) PT Raised to $239.00 at TD Cowen

American Tower (NYSE:AMT) had its price objective hoisted by TD Cowen from $226.00 to $239.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. TD Cowen’s price target would suggest a potential upside of 8.69% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Scotiabank increased their target price on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday. The Goldman Sachs Group initiated coverage on shares of American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 target price for the company. Wells Fargo & Company upped their price objective on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research report on Wednesday. Mizuho assumed coverage on shares of American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price target for the company. Finally, Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.38.

American Tower Trading Down 1.4 %

NYSE AMT traded down $3.16 during trading hours on Wednesday, hitting $219.89. 2,121,761 shares of the company’s stock were exchanged, compared to its average volume of 2,308,904. The firm has a market cap of $102.68 billion, a price-to-earnings ratio of 49.82, a PEG ratio of 1.51 and a beta of 0.81. American Tower has a 1-year low of $154.58 and a 1-year high of $223.46. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39. The stock has a 50-day simple moving average of $198.63 and a 200 day simple moving average of $193.69.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.46 earnings per share. On average, equities analysts forecast that American Tower will post 10.04 EPS for the current fiscal year.

Insider Activity at American Tower

In other news, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the transaction, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other American Tower news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On American Tower

A number of hedge funds have recently added to or reduced their stakes in AMT. Cross Staff Investments Inc raised its position in American Tower by 5.1% in the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after acquiring an additional 244 shares in the last quarter. Anchor Capital Advisors LLC lifted its stake in shares of American Tower by 38.1% in the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock valued at $16,542,000 after purchasing an additional 21,139 shares during the period. Meyer Handelman Co. purchased a new stake in American Tower during the first quarter worth about $801,000. TD Asset Management Inc grew its position in American Tower by 23.2% during the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after buying an additional 51,882 shares during the period. Finally, Kingsview Wealth Management LLC increased its stake in American Tower by 13.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after purchasing an additional 4,660 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.