American Tower (AMT) Price Target Lowered to $162.00 at Citigroup

American Tower (NYSE:AMT) had its target price cut by investment analysts at Citigroup from $169.00 to $162.00 in a report released on Monday, March 5th. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s target price would suggest a potential upside of 11.46% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. KeyCorp set a $171.00 price target on shares of American Tower and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Zacks Investment Research lowered shares of American Tower from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Oppenheimer boosted their price target on shares of American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 20th. Morgan Stanley reiterated an “overweight” rating and issued a $172.00 target price on shares of American Tower in a report on Wednesday, December 13th. Finally, ValuEngine downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have given a buy rating to the stock. American Tower currently has an average rating of “Buy” and a consensus price target of $158.57.

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NYSE AMT traded up $1.04 during mid-day trading on Monday, reaching $145.34. 2,978,285 shares of the stock were exchanged, compared to its average volume of 2,815,341. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market cap of $64,073.29, a P/E ratio of 22.78, a price-to-earnings-growth ratio of 1.63 and a beta of 0.80. American Tower has a 1-year low of $120.16 and a 1-year high of $155.28.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Zacks’ consensus estimate of $1.63 by ($0.04). American Tower had a net margin of 18.31% and a return on equity of 17.20%. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same period in the prior year, the business posted $1.52 EPS. The business’s revenue was up 10.7% on a year-over-year basis. equities analysts predict that American Tower will post 7.09 EPS for the current year.

American Tower announced that its board has approved a stock buyback program on Thursday, December 7th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

In other American Tower news, Director Samme L. Thompson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $143.16, for a total value of $715,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Samme L. Thompson sold 3,500 shares of the business’s stock in a transaction on Tuesday, March 20th. The stock was sold at an average price of $146.36, for a total transaction of $512,260.00. Following the completion of the sale, the director now owns 22,125 shares of the company’s stock, valued at $3,238,215. The disclosure for this sale can be found here. Insiders sold 37,636 shares of company stock valued at $5,462,248 over the last three months. Insiders own 0.86% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC lifted its stake in shares of American Tower by 5.4% in the third quarter. Janus Henderson Group PLC now owns 7,868,533 shares of the real estate investment trust’s stock worth $1,075,458,000 after buying an additional 400,117 shares during the last quarter. Edgewood Management LLC lifted its stake in shares of American Tower by 1.6% in the third quarter. Edgewood Management LLC now owns 6,326,717 shares of the real estate investment trust’s stock worth $864,736,000 after buying an additional 99,052 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of American Tower by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 4,113,653 shares of the real estate investment trust’s stock worth $585,539,000 after buying an additional 136,669 shares during the last quarter. American Century Companies Inc. raised its stake in American Tower by 1.5% during the 4th quarter. American Century Companies Inc. now owns 3,248,232 shares of the real estate investment trust’s stock valued at $463,425,000 after purchasing an additional 46,708 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in American Tower by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,164,598 shares of the real estate investment trust’s stock valued at $432,537,000 after purchasing an additional 166,910 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

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About American Tower

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

Analyst Recommendations for American Tower (NYSE:AMT)

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