Wells Fargo & Company Increases American Tower (NYSE:AMT) Price Target to $225.00

American Tower (NYSE:AMT) had its price objective raised by stock analysts at Wells Fargo & Company from $200.00 to $225.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 7.06% from the stock’s current price.

Several other research firms also recently weighed in on AMT. The Goldman Sachs Group began 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. Morgan Stanley raised their price target on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Mizuho assumed coverage on shares of American Tower in a research note on Monday, April 8th. They set a “neutral” rating and a $205.00 price target on the stock. BMO Capital Markets decreased their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, Barclays decreased their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Three investment 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $222.92.

American Tower Stock Performance

Shares of AMT opened at $210.16 on Monday. The company has a 50-day simple moving average of $193.98 and a 200-day simple moving average of $193.75. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The company has a market capitalization of $98.14 billion, a PE ratio of 47.55, a P/E/G ratio of 1.50 and a beta of 0.81. American Tower has a 52-week low of $154.58 and a 52-week high of $219.10.

American Tower (NYSE:AMT) last announced 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). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the business earned $2.54 EPS. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities research analysts predict that American Tower will post 10.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other American Tower news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction that occurred 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 in the company, valued at $1,345,422. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AMT. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the first quarter valued at approximately $25,000. Gold Investment Management Ltd. purchased a new stake in shares of American Tower during the fourth quarter valued at approximately $28,000. Thompson Investment Management Inc. purchased a new stake in shares of American Tower during the fourth quarter valued at approximately $29,000. Private Wealth Management Group LLC purchased a new stake in shares of American Tower during the fourth quarter valued at approximately $31,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of American Tower during the first quarter valued at approximately $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

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.