American Tower (NYSE:AMT) Downgraded by StockNews.com to “Hold”

American Tower (NYSE:AMT) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

A number of other brokerages have also commented on AMT. TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Mizuho upped their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Scotiabank reduced their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday. BMO Capital Markets decreased their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $235.85.

American Tower Stock Up 0.4 %

NYSE AMT traded up $0.79 during trading on Wednesday, reaching $213.70. 2,437,740 shares of the company’s stock were exchanged, compared to its average volume of 2,277,362. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The firm has a market capitalization of $99.82 billion, a PE ratio of 40.17, a P/E/G ratio of 1.09 and a beta of 0.83. The company’s fifty day simple moving average is $228.58 and its 200-day simple moving average is $208.42. American Tower has a fifty-two week low of $170.46 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter last year, the firm earned $2.58 EPS. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. Sell-side analysts predict that American Tower will post 10.08 EPS for the current year.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,723 shares of company stock worth $7,795,397. Company insiders own 0.18% of the company’s stock.

Hedge Funds Weigh In On American Tower

Several hedge funds have recently modified their holdings of the stock. Cultivar Capital Inc. bought a new stake in American Tower in the 2nd quarter valued at $25,000. Fortitude Family Office LLC increased its position in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 78 shares during the period. Fairscale Capital LLC acquired a new position in shares of American Tower during the 2nd quarter worth approximately $27,000. Hobbs Group Advisors LLC bought a new position in shares of American Tower during the second quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC acquired a new stake in American Tower during the third quarter worth approximately $30,000. Institutional investors own 92.69% of the company’s stock.

About American Tower

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.