Wells Fargo & Company Raises American Tower (NYSE:AMT) Price Target to $245.00

American Tower (NYSE:AMT) had its price objective raised by stock analysts at Wells Fargo & Company from $225.00 to $245.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 11.19% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. BMO Capital Markets restated an “outperform” rating and issued a $246.00 price target (up previously from $225.00) on shares of American Tower in a research note on Wednesday. Scotiabank reduced their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research note on Wednesday, May 1st. Morgan Stanley boosted their price target on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Mizuho initiated coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $227.58.

American Tower Stock Performance

AMT stock traded down $2.70 during trading on Wednesday, hitting $220.35. 1,015,174 shares of the company traded hands, compared to its average volume of 2,302,753. American Tower has a 1 year low of $154.58 and a 1 year high of $223.46. The company has a market cap of $102.90 billion, a PE ratio of 49.80, a P/E/G ratio of 1.51 and a beta of 0.81. The stock’s 50-day simple moving average is $198.63 and its 200 day simple moving average is $193.69. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85.

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

Insider Transactions at American Tower

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

A number of institutional investors have recently made changes to their positions in the stock. Pinnacle Associates Ltd. raised its stake in shares of American Tower by 17.4% in the fourth quarter. Pinnacle Associates Ltd. now owns 4,437 shares of the real estate investment trust’s stock valued at $958,000 after acquiring an additional 659 shares in the last quarter. AdvisorNet Financial Inc lifted its position in shares of American Tower by 37.1% during the 4th quarter. AdvisorNet Financial Inc now owns 436 shares of the real estate investment trust’s stock worth $94,000 after purchasing an additional 118 shares during the last quarter. Miracle Mile Advisors LLC grew its stake in shares of American Tower by 8.4% during the fourth quarter. Miracle Mile Advisors LLC now owns 3,248 shares of the real estate investment trust’s stock worth $701,000 after purchasing an additional 251 shares in the last quarter. Claro Advisors LLC purchased a new position in American Tower in the fourth quarter valued at $230,000. Finally, Regent Peak Wealth Advisors LLC acquired a new stake in American Tower in the fourth quarter valued at $228,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

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.